U.S. job cuts drop 18% M/M in September and 20% Y/Y: Challenger Job Cuts Report

UK annual house prices experienced their weakest growth since December 2025 in the latest report, with Nationwide Building Society revealing that prices rose by 0.8% year on year but fell by 0.2% on the month. The unexpected decline of 0.2% on the month came as higher borrowing costs resulting from the ongoing war in Iran impacted demand.

The September increase of 0.8% was a stark contrast to the 1.6% rise seen in August, marking the weakest annual growth since December 2025 and a halving from the previous month's increase. This decline fell short of the 1.3% annual increase forecasted by a Reuters poll of economists. Monthly prices experienced their fastest drop since May, also below the zero growth forecast in the poll.

Robert Gardner, Nationwide's chief economist, noted that market activity and house prices had remained subdued in recent months, partly due to the uncertain economic backdrop. Geopolitical tensions, notably the conflict in the Middle East, were exerting upward pressure on energy prices, contributing to inflation concerns. Even though higher energy prices were not immediately translating into price pressures, investor expectations of the Bank of England raising borrowing costs kept upward pressure on mortgage rates.

The Bank of England is expected to increase the benchmark Bank Rate by a quarter-point in November, with another potential increase slated for February.

Prime Minister Andy Burnham unveiled a new loan program to assist first-time buyers in entering the property market. The initiative targets homebuyers with a deposit of 2.5% and offers loans amounting to up to 20% of a property's value. Additional details regarding the program are expected to be revealed in Finance Minister John Healey's budget later in the month.