UK house price growth slows
UK annual house price inflation slowed to 0.9% in August, its weakest pace since March, according to Office for National Statistics data released on October 21.
July's growth rate was revised down to 1.2% from the previously reported 1.4%. The average UK house price stood at £273,000. Meanwhile, annual private rent inflation remained unchanged at 3.8% in September.
Slower house price growth highlights the continuing impact of elevated borrowing costs on housing demand. London recorded an annual house price decline of 2.2%, underscoring regional differences.
However, average monthly private rents reached £1,406, indicating persistent pressure on household housing expenses. The figures could influence the Bank of England's assessment of domestic demand and inflation risks.
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