The annual increase in UK house prices slowed significantly in September to 2.6%. According to data from the National Statistics Office (ONS), this was the lowest annual increase since May. The 3.1% increase reported for August was revised upwards.
A similar slowdown was observed in rents. Private sector house rents increased by 5.0% year-on-year in October. This rate is below the 5.5% increase seen in September and is recorded as the weakest rise since August 2022. Experts say that this loss of momentum seen in both the sales and rental markets reflects the pressure of high borrowing costs and economic uncertainties on housing demand.
