House prices remained unchanged in September 2023, following a 0.8% decline in August, according to the latest figures from Nationwide.

Compared to September 2022, average UK house prices have fallen by 5.3%, approximately £14,500, with continuing inflation pressures and weak housing market activity resulting in 30% fewer monthly mortgage approvals compared to 2019.

However, Nationwide’s Chief Economist, Robert Gardner noted that underlying inflation pressures are easing, while longer-term interest rates, the foundation of fixed-rate mortgage pricing, have decreased.