10/2, 8:01 AM (Source: TeleTrader)
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UK house prices decrease 5.3% in September

Annual house price growth in the United Kingdom remained at a negative 5.3% in September, registering no change compared to August and thus coming in lower than analysts projected, the Nationwide House Price Index revealed in its report issued on Monday.

The average house price in the country was estimated at £257,808, a decline from £259,153 observed the previous month.

"Housing market activity remains weak, with just 45,400 mortgages approved for house purchase in August," Nationwide Chief Economist Robert Gardner noted. "However, investors have marked down their expectations for the future path of Bank Rate in recent months amid signs that underlying inflation pressures in the UK economy are finally easing, and with labor market conditions softening."

Baha Breaking News (BBN) / JR