UK House Prices Grow 2.2% in September Amid Consumer Caution

In the UK, house price growth steadied at an annual rate of 2.2% in September, with average prices reaching £217,995, reflecting a slight improvement from August. Nationwide's chief economist Robert Gardner noted that despite higher interest rates, underlying conditions remain supportive for homebuyers due to low unemployment, rising earnings, strong household balance sheets, and expectations of future rate cuts. Regional variations showed Northern Ireland leading with 9.6% growth, while England experienced a slowdown to 1.6%, with Northern England outperforming Southern regions. In contrast, China's housing market showed mixed signals: new home prices increased marginally by 0.09% month-on-month in September, while resale prices declined by 0.74%, indicating ongoing market challenges despite various government stimulus measures. Sales of new homes from major Chinese developers rose 0.4% year-on-year, a notable improvement from the prior month's sharp decline, suggesting potential stabilization after nearly three years of market support. However, analysts warn that demand remains weak and the outlook is cautious, partly due to demographic trends and persistent economic uncertainties.