UK Nationwide House Price Growth Softens

RTTNews | 320 days ago
UK Nationwide House Price Growth Softens

(RTTNews) - UK house prices increased at a slower pace in October as buyers became cautious ahead of the budget, data from the Nationwide Building Society showed Friday.

House price posted a monthly growth of 0.3 percent in October, slower than the 0.5 percent rise seen a month ago. Nonetheless, the figure was better than the forecast of nil growth.

On a yearly basis, house price growth accelerated more-than-expected to 2.4 percent from 2.2 percent in September. Economists had forecast an annual increase of 2.3 percent.

"Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all time highs," Nationwide's Chief Economist Robert Gardner said.

Gardner expects housing affordability to improve modestly if income growth continues to outpace house price growth.

Moreover, borrowing costs are likely to moderate a little further if Bank Rate is lowered again by the Bank of England in the coming quarters, he noted.

"This should support buyer demand, especially since household balance sheets are strong - indeed, in aggregate the ratio of household debt to disposable income is at its lowest for two decades," Gardner added.

read more
UK Inflation Accelerates To 5-Month High

UK Inflation Accelerates To 5-Month High

UK consumer price inflation rose to a five-month high in August on renewed increase in fuel prices but the Bank of England is widely expected to hold the interest rate as energy shocks show no sign of broadening. Inflation advanced to 3.1 percent from 2.9 percent in July, the Office for National Statistics said Wednesday. The rate came in line with expectations.
RTTNews | 4h 10min ago
UK Jobless Rate Remains Unchanged; Wage Growth Cools

UK Jobless Rate Remains Unchanged; Wage Growth Cools

The UK unemployment rate remained unchanged and wage growth eased in the three months to July period, reflecting the softening labor market conditions, data from the Office for National Statistics revealed Tuesday. The unemployment rate 4.9 percent in the three months to July, the same rate as in the quarter ended June. The rate was forecast to rise to 5.0 percent.
RTTNews | 1 day ago
UK Economy Expands Unexpectedly

UK Economy Expands Unexpectedly

The UK economy expanded unexpectedly in July as artificial intelligence and cloud computing boosted services output, official data revealed Friday. Gross domestic product posted a monthly growth of 0.4 percent, following an increase of 0.3 percent in June and no growth in May, the Office for National Statistics reported. GDP was expected to remain flat in July.
RTTNews | 5 days ago
UK House Prices Fall For First Time Since 2023

UK House Prices Fall For First Time Since 2023

UK house prices declined for the first time since late 2023 in August, data published by Lloyds Banking Group showed Monday. House prices dropped 0.4 percent on an annual basis in July, marking the first decrease since November 2023. The drop followed a marginal 0.1 percent rise in July.
RTTNews | 9 days ago
UK Mortgage Approvals Lowest Since 2024

UK Mortgage Approvals Lowest Since 2024

UK mortgage approvals declined to the lowest since early 2024, while consumer credit reached its highest level since late 2025, the Bank of England said Tuesday. The number of mortgages approved in July declined unexpectedly to 56,053 from 58,215 in June. This was the lowest since January 2024.
RTTNews | 15 days ago
UK House Price Growth Accelerates

UK House Price Growth Accelerates

UK house price growth accelerated in August despite economic uncertainties, data from the Nationwide Building Society showed Tuesday. House prices grew 1.6 percent on a yearly basis, faster than the 1.4 percent rise in July but weaker than economists' forecast of 2.0 percent. Month-on-month, house prices gained 0.2 percent, in contrast to the 0.1 percent fall in July.
RTTNews | 15 days ago
U.K. Inflation Rises On Household Energy Bills

U.K. Inflation Rises On Household Energy Bills

U.K. consumer price inflation accelerated in July as the Middle East crisis stoked household energy prices, official data showed Wednesday. The consumer price index posted an annual growth of 2.9 percent in July, faster than the 2.6 percent rise in June, the Office for National Statistics said. This was the highest in four months and matched economists' expectations.
RTTNews | 28 days ago
UK Labor Market Shows Signs Of Cooling

UK Labor Market Shows Signs Of Cooling

The UK unemployment rate remained stable at 4.9% in the three months to June, while job vacancies fell by 6,000 and payroll employment declined 94,000 year-over-year, signaling weakness in the labor market.
RTTNews | 29 days ago