Lloyds said British house prices were flat in September on both a monthly and an annual basis, after the first annual fall since 2023 in August. Prices were down 0.2 percent on a quarterly basis, weaker than the small rise economists had expected.
British house prices were unchanged in September after recording their first annual fall since 2023 in August, Lloyds figures published on Wednesday showed, Reuters reported from London.
Both the monthly and annual readings were flat. On a quarterly basis prices were down 0.2 percent. Economists polled by Reuters had expected a 0.1 percent monthly rise and a 0.2 percent annual increase.
Lloyds mortgages director Andrew Asaam said the market appeared to be balancing buyer caution with continued underlying demand. He said new enquiries from prospective mortgage borrowers were coming in at the fastest pace since February.
Reuters said the Bank of England has held interest rates unchanged since the outbreak of the US-Iran war at the end of February, while mortgage rates have risen because of higher market borrowing costs and expectations of future Bank of England increases. Markets were pricing a more than 90 percent chance of a quarter-point rise after the November meeting, Reuters reported.
The release is a lender index, not an official national house-price statistic. No regional breakdown was included in the Reuters report used here.
People Sentiments Neutral
- Andrew Asaam said the housing market appeared to be balancing buyer caution with continued underlying demand.