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UK House Prices Rise in October Despite Weak Market Activity

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Economy News

UK,House Prices,Property Values

House prices in the UK increased by 0.9% on average month-on-month in October, reflecting a limited supply of properties for buyers. However, property values fell by 3.3% compared to the same period last year. Despite the rise in prices, the housing market activity remains weak, with a significant decrease in mortgage approvals for house purchases. The constrained supply of properties and stable labor market conditions have prevented forced selling and downward pressure on prices. Consumer confidence remains low, and new buyer inquiries are subdued.

House prices rose by 0.9% on average month-on-month in October – likely reflecting a constrained supply of properties for buyers to choose from – according to an index.

“There is little sign of forced selling, which would exert downward pressure on prices, as labour market conditions are solid and mortgage arrears are at historically low levels.“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 inquiries.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “While interest rates appear to have peaked, those hoping rates will move swiftly downwards again to the rock-bottom levels of the recent past are likely to be disappointed.

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