In the United Kingdom, the average house price fell by 0.2% in September, to £274,251. This was the most significant monthly decline in prices since May, when the figure dropped by 0.6%.
The September decrease was the fourth in the past five months and the second largest since the beginning of the year. According to Anadolu Agency, economists had expected prices to remain unchanged.
In August, the market showed a short-lived recovery: Nationwide Building Society then recorded a 0.2% monthly increase in the average house price and annual growth of 1.6%. The average property price in August was £275,465.
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Demand is being affected by mortgage rates approaching 6%, as well as rising household expenses. From Thursday, households are facing higher energy bills, with another increase expected in January. This could reduce the funds available for down payments and mortgage repayments.
Nationwide noted that housing affordability had improved due to wages rising faster than property prices. At the same time, higher mortgage rates partially offset this effect. Nationwide Chief Economist Robert Gardner said that a recovery in market activity would depend on the easing of the energy shock, the return of confidence, and market interest rates falling to levels seen before the conflict in the Middle East.
Source: UA
