After fifteen straight months of increases for U.K. housing, prices in October stayed flat, according to a report by U.K. building society Nationwide released Wednesday.
Annual prices also relented to 4.6 percent during the month from 5.3 percent in September, the report stated. While the indication of an average slowdown across the country comes as welcome news to many who feel they haven't sufficiently partaken in the stratospheric growth seen in house prices this century, the report was quick to point out that affordability remains a pressing issue, particularly in the capital.
Since the winding down of the financial crisis in 2009, house prices have been on an almost uninterrupted tear, with particularly strong acceleration seen since 2013.
Nationwide compares the 20 percent jump in prices during the last three years with the 6 percent lift in average wages, saying this has pushed the house price-to-earnings ratio to 6.0 times from 5.3 times in October 2013. The same ratio in London stood at 11.8 times as of the end of the third quarter, close to its record high of 11.9 times reached in the second quarter.