UK house prices return to growth amid ‘broad stability’ in market
UK house prices return to growth amid ‘broad stability’ in market
Nationwide says prices rose by 0.5% in September after August drop, lifting average price of property to £271,995
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The UK property market returned to growth in September after a summer lull, with house prices rising 0.5% compared with the previous month.
The average amount paid for a home ticked up to £271,995, according to Nationwide Building Society, recovering from a 0.1% decline in August, while the annual rate of house price growth accelerated slightly from 2.1% to 2.2%.
Robert Gardner, the chief economist at the building society, said there was now “broad stability” in the housing market.
“The number of mortgages approved for house purchase have been hovering at about 65,000 cases per month, close to the pre-pandemic average,” he said.
“Despite ongoing uncertainties in the global economy, underlying conditions for potential homebuyers in the UK remain supportive.
“Unemployment is low, earnings are rising at a healthy pace, household balance sheets are strong and borrowing costs are likely to moderate a little further if Bank Rate is lowered in the coming quarters as we, and most other analysts, expect.”
