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Property prices in Britain hit their lowest growth level in nearly three years, revealing an escalation in the country’s real estate market crisis.
An indicator issued by Nationwide Bank showed that house prices in Britain recorded in October the slowest annual growth rate in nearly 3 years, according to a report published by the British newspaper "Independent" and seen by "Arab Business".
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According to the index, the annual growth rate reached 0.5% during the month, down from 0.8% in September, the lowest level recorded since January 2024.
On a monthly basis, prices remained unchanged, with the average price of the property in Britain reaching £273,566 in October. NationWade attributed this performance to cautious borrowers amid rising mortgage costs.
Robert Gardner, chief economist at Nationwide, noted that rising mortgage costs are linked to expectations of higher interest rates, as policymakers seek to rein in rising inflation, which has been exacerbated by the Middle East war.
“Market activity and house price growth have slowed in recent months, partly reflecting the uncertainty surrounding the economic landscape,” Gardner said.
“Geopolitical tensions remain high, with the Middle East conflict putting upward pressure on energy prices, fueling concerns about inflation.”
The UK’s real estate website Zubla reported that more than a third of homes in Britain are located in areas where property values have fallen over the past year. This percentage (35%) rose compared to 12% a year ago.
Price drops have been concentrated in London and the south-east of England. Zubla explained that higher interest rates on mortgages have led to an increase in the cost of buying, and buyers have become more selective; the number of homes for sale increased by 7% compared to last year, giving buyers wider options and more space to negotiate.
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