UK house price growth slows as buyers show caution before budget

UK house price growth decelerated to 1.3% year-on-year in September, revealing buyer caution ahead of the upcoming budget, as typical home costs fell to £298,184.

• Halifax reported a decrease in the average UK home price by £794 to £298,184 in September, following a slight increase of 0.2% in August.
• The annual growth rate of 1.3% for UK house prices as of September marks the weakest increase since April 2024, defying a Reuters poll expectation.
• First-time buyers are particularly affected as the slowdown in price growth and economic uncertainties lead to increased caution in the real estate market across the United Kingdom.