Overview
- Nationwide reported a 0.3% month-on-month rise in October after September’s 0.5% gain, lifting annual growth to 2.4%.
- The outcome beat a Reuters poll that expected no monthly change and a 2.3% year-on-year increase.
- Bank of England data showed September mortgage approvals were stronger than expected, reinforcing signs of demand.
- Nationwide said affordability could improve if wages outpace prices and if borrowing costs ease with future Bank Rate cuts, noting household debt burdens are the lowest in about two decades.
- Other gauges have signaled a recent cooling as buyers show caution before Chancellor Rachel Reeves’ 26 November budget, with analysts highlighting sensitivity to possible property tax changes.