UK House Prices Edge Up Again - Buyers Stay Calm Despite Budget Jitters
Resilient. That’s the word of the month for the UK housing market.
According to Nationwide’s latest house price index, the average UK home rose 0.3% in value in October, bringing the typical property to £272,226. That’s 2.4% higher than this time last year - a quiet but steady climb that’s caught a few economists off guard.
Despite rumours of tax hikes in the upcoming Autumn Budget (26 November), buyers seem… unfazed. Or maybe just determined. Either way, the market’s holding its nerve.
“This performance indicates resilience, especially since mortgage rates are more than double pre-Covid levels,” said Nationwide’s Chief Economist Robert Gardner.
So, what’s driving it?
A few things, actually:
Wages are still outpacing house price growth, helping affordability improve slightly.
Mortgage approvals are up, according to the Bank of England.
And borrowing costs may ease if interest rates drop again in coming months.
In short: people are still moving, still buying, and still making it work - even with a budget looming that might shake up the top end of the market.
The Budget elephant in the room
There’s growing chatter about a possible “mansion tax” - a 1% annual levy on properties valued above £2 million. If that happens, the luxury end could cool, but experts say it’s unlikely to ripple far down the ladder.
Tom Bill from Knight Frank noted that while “prices are softening in higher-value areas due to uncertainty,” most regions are ticking along nicely.
And here on the Wirral, activity remains steady. Especially among first-time buyers and home movers who’ve adjusted to the new mortgage normal.
What this means for Wirral buyers
If you’ve been sitting on the fence waiting for prices to fall… they’re not really doing that.
Instead, the market’s just ticking over - not racing ahead, not falling behind.
That means now’s a good window to:
✅ Reassess your mortgage options.
✅ Check if you can remortgage to a better rate.
✅ Get your ducks in a row before any policy shifts post-Budget.
At NG Mortgages, we keep it simple - no jargon, no sales pitch. Just straight-talking advice to help you make the right move.
Mortgages, simplified.