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UK House Prices Rise 0.5% Amid Budget Speculation

10/1/2025

33 5 Full Breakdown

Summary

Story summary

Nationwide reports UK house prices rose 0.5% in September to £271,995.
Annual growth rose to 2.2% from 2.1%, with Northern Ireland at 9.6% and England at 1.6%; Outer South East 0.3%.
Semi-detached prices up 3.4%, flats down 0.3%.
Mortgage approvals around 65,000 monthly, near pre-pandemic levels, with speculation on the November Budget causing hesitancy among high-value buyers.

History

Historical Context

The UK housing market experienced a severe downturn in 2008, with house prices dropping by 16% amid the global financial crisis, leading to mortgage approvals falling to 30,000 monthly. As of 2023, house prices have rebounded, rising 0.5% to £271,995, and mortgage approvals are nearing pre-pandemic levels at 65,000, indicating a recovery influenced by economic adjustments and buyer confidence.

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Story summary

Nationwide reports UK house prices rose 0.5% in September to £271,995.
Annual growth rose to 2.2% from 2.1%, with Northern Ireland at 9.6% and England at 1.6%; Outer South East 0.3%.
Semi-detached prices up 3.4%, flats down 0.3%.
Mortgage approvals around 65,000 monthly, near pre-pandemic levels, with speculation on the November Budget causing hesitancy among high-value buyers.

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