UK October Nationwide house prices +0.1% vs +0.3% m/m expected

• Prior +0.7%
• Nationwide house prices y/y +2.4% vs +2.8% expected
• Prior +3.2%

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:

“The price of a typical UK home increased by 2.4% year on year in
October, though this represented a modest slowdown from the 3.2% pace
recorded the previous month. House prices rose by 0.1% month on month in
October, after taking account of seasonal effects.

“Housing market activity has remained relatively resilient in recent
months, with the number of mortgage approvals approaching the levels
seen pre-pandemic, despite the significantly higher interest rate
environment.

“Solid labour market conditions, with low levels of unemployment and
strong income gains, even after taking account of inflation, have helped
underpin a steady rise in activity and house prices since the start of
the year.

“Providing the economy continues to recover steadily, as we expect,
housing market activity is likely to continue to strengthen gradually as
affordability constraints ease through a combination of modestly lower
interest rates and earnings outpacing house price growth.”

This article was written by Giuseppe Dellamotta at www.forexlive.com.