UK house prices up almost 1% last month

UK house prices rose 0.9% last month due to a shortage of homes on the market, according to Nationwide. On an annual basis the price of an average home fell by 3.3% in October to £259,423 - down from £268,282 a year earlier. The month-on-month increase, which is the biggest for more than a year, came as a surprise to many economists. Robert Gardner, the lender’s chief economist, said that despite the month-on-month rise in house prices: “Housing market activity has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the monthly average prevailing in 2019". Mr Gardner added that there was little sign of “forced selling”, which would exert downward pressure on prices, as labour market conditions were solid and mortgage arrears were at historically low levels, despite difficulties for some homeowners. 

BBC News (01/11/2023)   Evening Standard (01/11/2023)   Financial Times (01/11/2023)   The Guardian (01/11/2023)