United Kingdom Nationwide Housing Prices

The Nationwide House Price Index in the United Kingdom dropped by 3.3% year-on-year in October 2023, compared with market forecasts of a 4.8% decrease and September's 5.3% fall. Housing affordability remains stretched, with market interest rates having slightly moderated but still much higher than the lows seen in 2021. "Activity and house prices are likely to remain subdued in the coming quarters. Despite signs that cost-of-living pressures are easing, with the rate of inflation now running below the rate of average earnings growth, consumer confidence remains weak and surveyors continue to report subdued levels of new buyer enquiries.” Robert Gardner, Nationwide's Chief Economist, said. On a monthly basis, house prices went up 0.9%, the biggest increase since August 2022, following a 0.1% rise in September.