(MENAFN- Trend News Agency)
British house prices failed to rise in monthly terms for the
first time since July 2021, mortgage lender Nationwide said on
Friday, a latest sign of the slowdown in the market caused by the
cost-of-living squeeze and rising interest rates, reports with reference
to .
House prices were unchanged from August and were 9.5% higher
than in September last year, representing the first time the annual
measure did not show a double-digit percentage gain since October
of last year, Nationwide said.
Economists polled by Reuters had forecast monthly and annual
price rises of 0.3% and 10.0% respectively.
Britain's housing market has cooled after a coronavirus pandemic
boom as surging inflation hits consumers budgets and the Bank of
England raised interest rates.
Robert Gardner, Nationwide's chief economist, said the slowdown
had been modest so far and a shortage of homes for sale meant price
growth remained firm in annual terms.
'However, headwinds are growing stronger suggesting the market
will slow further in the months ahead,' Gardner said. 'High
inflation is exerting significant pressure on household budgets
with consumer confidence declining to all-time lows.'
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