Overview
- Nationwide reported prices up 0.3% month on month in October after 0.5% in September, with annual growth at 2.4%.
- The average home value reached £272,226, topping forecasts for no monthly change and a 2.3% year-on-year rise.
- Bank of England figures showed September mortgage approvals at a nine-month high, indicating firmer underlying demand.
- Market participants say some buyers are pausing ahead of the 26 November Budget, with unconfirmed property tax measures under consideration.
- Researchers describe a two-speed market with higher-value areas weakening, while easing borrowing costs and rising incomes could underpin modest gains.