- Prior +0.7%
- Nationwide home costs y/y +2.4% vs +2.8% anticipated
- Prior +3.2%
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, stated:
“The value of a typical UK house elevated by 2.4% 12 months on 12 months in
October, although this represented a modest slowdown from the three.2% tempo
recorded the earlier month. Home costs rose by 0.1% month on month in
October, after taking account of seasonal results.
“Housing market exercise has remained comparatively resilient in current
months, with the variety of mortgage approvals approaching the degrees
seen pre-pandemic, regardless of the considerably larger rate of interest
atmosphere.
“Stable labour market circumstances, with low ranges of unemployment and
sturdy revenue good points, even after taking account of inflation, have helped
underpin a gradual rise in exercise and home costs for the reason that begin of
the 12 months.
“Offering the economic system continues to get better steadily, as we count on,
housing market exercise is more likely to proceed to strengthen step by step as
affordability constraints ease by a mix of modestly decrease
rates of interest and earnings outpacing home worth progress.”
UK Nationwide Housing Costs YoY
