The UK Nationwide House Price Index rose 0.5% year-on-year in October 2026, the weakest growth since January 2024, down from 0.8% in September and below 0.6% forecasts. Monthly, prices were unchanged after a 0.3% decline. Nationwide Chief Economist Robert Gardner said market activity and house price growth have softened, reflecting an uncertain economic backdrop. He noted that Middle East tensions have pushed energy prices higher, fueling inflation concerns and lifting market expectations for Bank Rate increases, keeping upward pressure on mortgage rates. Forward-looking indicators point to further softness, with surveyors reporting weak buyer enquiries and consumer confidence down in October. However, Gardner said the market could regain momentum once the energy shock fades, citing resilient growth, employment and real incomes, alongside solid household balance sheets. He added that affordability has improved over the past two years, as income growth outpaced house price growth.