UK October Nationwide home costs +zero.1% vs +zero.three% m/m anticipated

• Prior +zero.7%
• Nationwide home costs y/y +2.four% vs +2.eight% anticipated
• Prior +three.2%

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, stated:

“The worth of a typical UK dwelling elevated by 2.four% 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 zero.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 increased rate of interest
setting.

“Stable labour market circumstances, with low ranges of unemployment and
sturdy earnings features, even after taking account of inflation, have helped
underpin a gentle rise in exercise and home costs because the begin of
the 12 months.

“Offering the financial system continues to get better steadily, as we count on,
housing market exercise is more likely to proceed to strengthen progressively as
affordability constraints ease by way of a mixture of modestly decrease
rates of interest and earnings outpacing home worth progress.”

This text was written by Giuseppe Dellamotta at www.ubaidahsan.com.



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