Home prices in Britain continue to rise, but at a slower pace than expected

Published: 01.10.2021 Related countries:  United Kingdom United Kingdom

Economists expected a slowdown, but they expected it to be more moderate and price growth to reach 10.7 percent.

Property prices in Britain continued to rise this month, but the pace of growth slowed, with the extent of the slowdown more pronounced than expected. On the other hand, price growth maintained its double-digit value for the fifth month in a row. This was stated by the Nationwide Building Society, which is one of the largest mortgage lenders in the country.

According to Nationwide, house prices in Britain rose by 10 percent in September compared to the same month last year. In the previous month, growth reached 11 percent.

Economists expected a slowdown, but expected it to be more moderate and price growth to reach 10.7 percent. The September rise in house prices in Britain was the weakest since April this year, when it reached 7.1 percent.

Compared with the previous month, house prices in Britain slowed sharply to almost zero in September. It reached 0.1 percent compared to 2 percent growth in July. Even in this case, the results fell short of expectations, with economists expecting a month-on-month slowdown in price growth to only 0.6 percent.

Source: Nationwide Building Society