The UK Nationwide House Price Index rose 0.5% year-on-year in October 2026, slowing from 0.8% in September and marking its weakest annual increase since January 2024. Prices were broadly flat month-on-month, with the seasonally adjusted change recorded at -0.0%, after a 0.3% decline in September. The average unadjusted house price was £273,566, down from £274,251 in September and £278,880 in April, leaving prices almost 2% below their April peak. Nationwide Chief Economist Robert Gardner said geopolitical tensions and higher energy prices had intensified inflation concerns and increased financial-market expectations of Bank of England rate rises, keeping pressure on mortgage pricing. New buyer enquiries remained weak, households were less confident about the economy and their finances, and forward-looking indicators pointed to further near-term softness. Mortgage approvals for house purchases fell in September to their lowest level since December 2023, while most economists expect Bank Rate to rise to 4% from 3.75% next week. Gardner said resilient employment and real incomes, low household debt relative to disposable income and improved housing affordability could support a recovery once the energy-price shock subsides.