UK Nationwide House Price Index

Data Real Estate

Source: Nationwide Building Society
Source Link: https://www.nationwidehousepriceindex.co.uk/
Frequency: Monthly
Next Release(s): January 30th, 2026 2:00 AM

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UK house prices rose 0.5% (vs 0.2% MoM expected) MoM in September 2025 (after -0.1% in August), while annual growth held steady at 2.2% YoY (vs 2.1% in August), reflecting broadly stable momentum.
- The seasonally adjusted house price index increased to 543.1 in September, from 540.1 in August.
- The average (NSA) UK house price reached £271,995 in September, up slightly from £271,079 in August.
- Northern Ireland remained the strongest regional performer in Q3, with house prices up 9.6% YoY.
- England slowed to 1.6% YoY (from 2.5% in Q2), with Northern England leading at 3.4% YoY and the North specifically up 5.1% YoY.
- Southern England slowed sharply to 0.7% YoY, with Outer South East the weakest at just 0.3% YoY (vs 2.6% last quarter).
- By property type, semi-detached homes led with 3.4% YoY growth, followed by detached (+2.5%) and terraced (+2.4%), while flats declined -0.3% YoY.
- Nationwide noted that stable mortgage approvals (~65k/month), low unemployment, and rising earnings continue to support activity, though affordability remains stretched in high-cost regions.
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UK house prices declined -0.1% MoM in August 2025, after rising 0.5% in July, while annual growth eased to 2.1% YoY (from 2.4%), reflecting affordability pressures and high mortgage costs.
- The 3Mo3M change was -0.4%, the third consecutive month of negative 3Mo3M growth.
- The seasonally adjusted house price index slipped to 539.7 in August (from 540.1 in July).
- The average (NSA) house price fell to £271,079 in August, down from £272,664 in July.
- Nationwide noted affordability remains stretched, with mortgage costs around 35% of take-home pay for a typical first-time buyer, compared with a long-run average of 30%.
- Annual house price growth has moderated, though income gains outpacing prices and potential Bank Rate cuts could gradually improve affordability.
- Housing stock trends show average property size has risen slightly over the past decade, though over half (53%) of owner-occupied homes are now classified as “underoccupied.”
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UK house prices rose 0.6% MoM in July 2025, following a -0.9% MoM decline in June, while annual growth edged up to 2.4% YoY (from 2.1% YoY), supported by strong income growth and easing mortgage rates.
- The seasonally adjusted house price index rose to 540.5 (from 537.4 in June).
- The average (NSA) house price increased to £272,664 in July, up from £271,619.
- The house price-to-earnings ratio fell to around 5.75×, the lowest in over a decade.
- Mortgage approvals held steady at 64,200 in June, in line with pre-pandemic levels.
- The typical five-year fixed mortgage rate for a 25% deposit borrower is around 4.3%, down from the late-2023 peak (~5.7%).
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UK house prices fell -0.8% MoM in June (vs 0.2% MoM expected), while annual growth slowed to 2.1% YoY from 3.5% YoY, as higher stamp duty weighed on demand.
- The 3Mo3M change turned negative for the first time since October 2023, dropping from 0.0% in May to -0.5% in June.
- The average house price declined to £271,619 (NSA) from £273,427 in May.
- Northern Ireland remained the strongest region (+9.7% YoY), while East Anglia was the weakest (+1.1% YoY).
- Across England, prices rose 2.5% YoY, with the North outperforming (+5.5%) and Southern England rising 2.2% YoY.
- Terraced houses led property-type gains (+3.6% YoY), while flats lagged (+0.3% YoY).
- Despite the slowdown, low unemployment, real income growth, and expectations of lower rates continue to support housing fundamentals.
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UK house prices rose 0.5% MoM (vs 0.1% MoM expected) in May, reversing the -0.6% MoM decline in April, while YoY growth edged up to 3.5% from 3.4% and above the 2.9% YoY expected gain.
- The 3Mo3M change through May was 0.1%, the weakest since November 2023.
- The average house price increased to £273,427 (NSA) from £270,752 in April.
- On a 5-year basis, prices in rural areas are up 23% vs 18% in urban areas.
- March saw a sharp increase in transactions as buyers rushed to avoid new stamp duty charges.
- Despite economic uncertainty, fundamentals remain supportive: low unemployment, rising real earnings, and potential rate cuts.
- Older age groups continue to drive rural demand, while younger buyers prefer urban areas.
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UK house prices fell -0.6% MoM (vs 0.0% MoM expected) in April, while YoY growth slowed to 3.4% from 3.9% in March.
- On a 3Mo3M basis, house price growth was only 0.4%, the weakest since the three months to June 2024.
- The average house price declined slightly to £270,752 from £271,316 in March.
- The slowdown was linked to a pull-forward in transactions ahead of April’s stamp duty changes.
- Nationwide expects a softer market in the near term, but steady improvement through the summer as borrowing costs ease and real earnings rise.
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The UK Nationwide House Price Index was flat on a monthly basis and up 3.9% YoY in March, unchanged from the 3.9% YoY increase in February.
- The 3Mo3M growth of UK house prices was 1.2% in Q1 2025, the lowest since the three months to November.
- The average house price increased to £271,316.
- Nationwide: “UK house price growth remained stable in March at 3.9%, the same as in February. There was no change in prices month-on-month, after taking account of seasonal effects. These price trends are unsurprising, given the end of the stamp duty holiday at the end of March (transactions associated with mortgage approvals made in March, especially toward the end of the month, would be unlikely to complete before the deadline).“
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The UK Nationwide House Price Index increased 0.4% MoM (vs 0.2% MoM) and 3.9% YoY (vs 3.4% YoY) in February, down from 4.1% YoY in January.
- Housing market activity has also remained resilient in recent months, despite ongoing affordability challenges. Indeed, the second half of 2024 saw a noticeable pick up in total housing transactions, which were up 14% compared with the same period in 2023.
- However, taking 2024 as a whole, transactions were still modestly (-6%) lower than the levels prevailing before the pandemic struck in 2019.
- In terms of the pattern of transactions, it is notable that first-time buyer activity continued to recover, with mortgage completions in 2024 just -5% below 2019 levels.
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The UK Nationwide House Price Index edged up 0.1% MoM (vs 0.3% MoM expected) in January. The smaller monthly rate lead to a deceleration in annual growth to 4.1% YoY from 4.7% YoY in December also below the expected annual increase of 4.3% YoY. While housing prices have stabilized in a moderate uptrend, affordability issues are a key resistance.

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