london skyline

United Kingdom Housing October 2019

United Kingdom: Housing market stays soft in October

According to the Nationwide Building Society (NBS), house prices in the United Kingdom rose 0.2% month-on-month in October, contrasting September’s 0.2% fall. On an annual basis, house prices rose 0.4%, up slightly from September’s 0.2% uptick. As such, this was the eleventh consecutive month with annual price growth of less than 1.0%. The average house price in October was GBP 215,368 (October 2018: GBP 214,534). The overall picture is broadly unchanged; the property market is in a prolonged soft spell, dampened by weak consumer sentiment and Brexit uncertainty.

The market is likely to stay subdued in coming months as Brexit uncertainty remains high. Moreover, if the weakness observed in the labor market in June-August proves persistent, this could feed through to the housing sector, as healthy labor conditions have been key in buttressing housing demand. Brexit developments will remain a key driver; while a departure from the European Union without a deal could dampen demand and see prices fall, a smooth withdrawal should support sentiment and see price growth pick up.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest