{"id":110879,"title":"UK property values unexpectedly increase, yet the market stays ‘profoundly frail’ – Nationwide","publisher":"Share Talk","author":"sharetalk","published":"2023-11-01T08:13:09+00:00","modified":"2023-11-01T08:13:09+00:00","canonical_url":"https://www.share-talk.com/uk-property-values-unexpectedly-increase-yet-the-market-stays-profoundly-frail-nationwide/","markdown_url":"https://www.share-talk.com/uk-property-values-unexpectedly-increase-yet-the-market-stays-profoundly-frail-nationwide.md","json_url":"https://www.share-talk.com/uk-property-values-unexpectedly-increase-yet-the-market-stays-profoundly-frail-nationwide.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Manufacturing & Industrial","Technology","Technology, Media & Telecoms"],"tags":["BANK","Bank of England","buyers","Financial","financial institutions","growth","headache","home","house","House prices","lender","mini-budget","mortgage","mortgage market","Nationwide","Price","rates","Robert Gardner","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/uk-house-750x406-1.jpg?fit=750%2C406&quality=89&ssl=1","format":"news","language":"en-GB","content":"Last month witnessed an unexpected surge in house prices as sellers opted to wait rather than accept lower offers, as revealed by a widely monitored survey.\n\nComparing month-to-month data, there was a 0.9% increase in prices in October, following a 0.1% rise in September, according to the Nationwide house price index.\n\nContrary to analysts’ predictions of a 0.4% decrease, the market experienced its most significant boost since March of the previous year.\n\nThis development reduced the yearly decline in house prices to 3.3%, marking the ninth consecutive month of decrease as the number of approved mortgages took a hit.\n\nThis ongoing trend of yearly reductions, starting in February, has brought the average house price down to £259,423.\n\nRobert Gardner, Nationwide’s chief economist, commented, “The increase in house prices in October can be primarily attributed to the limited number of properties available in the market.\n\n“There is a noticeable absence of forced sales, which would typically drive prices down, thanks to stable employment conditions and historically low levels of mortgage arrears.”\n\nRecent data from the Bank of England revealed a significant drop in mortgage lending in September, with rising interest rates posing challenges for prospective home buyers.\n\nThe number of approved mortgages fell to 43,300, the lowest since January when the market was still recovering from the mini-budget and the subsequent turmoil in gilt markets."}