The annual rate of growth in UK house prices halved to 0.8% in September, from 1.6% in August, according to an index.
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rate → halve → index
Robert Gardner, Nationwide’s chief economist, said: “September saw UK annual house price growth halve to 0.8%, the weakest rate of growth since December 2025.”
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growth → say → December
He added: “Market activity and house prices have remained subdued in recent months, in part reflecting the uncertain economic backdrop.
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activity → add → backdrop
“This in turn has led to mounting financial market expectations of (Bank of England base rate) increases, which has maintained upward pressure on the market interest rates which underpin mortgage pricing.”
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which → lead → pricing
Mr Gardner said that underlying housing affordability is improving, “as house price growth has been well below earnings growth for some time”.
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growth → say → time
He said: “These gains have been only partially offset by higher mortgage rates.
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gains → say → rates
“This suggests that activity should regain momentum in the quarters ahead providing the energy shock fades and confidence returns – especially if market interest rates fall back to pre-conflict levels.”
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rates → suggest → levels
“Many buyers and sellers alike appear to be sitting on their hands as they wait for a clearer economic backdrop and a better understanding of the policy landscape ahead of Chancellor John Healey’s first Budget.
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they → appear → Budget
“When purchasing a home is one of the biggest financial decisions a person will ever make, uncertainty over inflation, interest rates and potential policy changes can be enough to delay a move by weeks or even months.”
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uncertainty → purchase → weeks
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Sarah Coles, head of personal finance at AJ Bell said: “Prices are now growing at their slowest pace since December last year, and are significantly lagging inflation.
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Prices → read → inflation
It means property is losing value once inflation is taken into account.
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inflation → mean → account
“It’s easy to see why.
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It → ’ → ?
Mortgage rates have been climbing since early August, forcing buyers to rethink their plans.”
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rates → climb → plans
Amy Reynolds, head of sales at London-based estate agency Antony Roberts, said: “We’re seeing a sensible, needs-driven market: well-presented homes priced correctly are selling, and those pitched too hopefully are sitting.”
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those → base → market
Nathan Emerson, chief executive at property professionals’ body Propertymark, said: “Many consumers are taking a more cautious approach to their household finances, with affordability pressures continuing to influence decisions around buying and selling property.”
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pressures → say → property
Tom Bill, head of UK residential research at Knight Frank said: “House prices are stalling as the impact of rising mortgage rates takes its toll on demand, a pattern we expect to continue in the final three months of this year.”
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we → say → year
The Government recently announced a new first-time buyer scheme called Your First Home, which will give people in England a helping hand to buy a new build home.
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which → announce → home
Further details about the initiative will be outlined in the Budget.
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details → outline → Budget
Simon Gerrard, chairman, Martyn Gerrard Estate Agents, said: “The housing market has been in desperate need of liquidity and it’s good to see the Government take action to provide it.”
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Government → say → it
Nicky Stevenson, managing director of Fine & Country, said: “Nationwide’s latest figures underline just how finely balanced the housing market remains.
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market → say → Fine
“This is a market where buyer have more choice, and that means competition between sellers is particularly strong.”
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competition → have → sellers
Here are average house prices in the third quarter of this year and the annual change, according to Nationwide Building Society:
Northern Ireland, £227,922, 5.9%
North West, £231,360, 3.9%
Scotland, £196,215, 3.3%
North East, £174,731, 3.3%
Yorkshire and the Humber, £217,029, 1.2%
Wales, £214,816, 0.7%
West Midlands, £252,355, 0.6%
Outer South East (includes Ashford, Basingstoke and Deane, Bedford, Braintree, Brighton and Hove, Canterbury, Colchester, Dover, Hastings, Lewes, Fareham, Isle of Wight, Maldon, Milton Keynes, New Forest, Oxford, Portsmouth, Southampton, Swale, Tendring, Thanet, Uttlesford, Winchester, Worthing), £337,137, 0.0%
Outer Metropolitan (includes St Albans, Stevenage, Watford, Luton, Maidstone, Reading, Rochford, Rushmoor, Sevenoaks, Slough, Southend-on-Sea, Elmbridge, Epsom and Ewell, Guildford, Mole Valley, Reigate & Banstead, Runnymede, Spelthorne, Waverley, Woking, Tunbridge Wells, Windsor and Maidenhead, Wokingham), £427,430, minus 0.2%
South West, £305,180, minus 0.3%
East Midlands, £237,449, minus 0.5%
East Anglia, £272,119, minus 0.7%
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includes → accord → Sea
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