UK unemployment edges down to 4.7% as regular pay growth holds at 3.7%, ONS finds

The Office for National Statistics reported on 20 October that unemployment fell 0.1 percentage points to 4.7% in June to August 2026, while regular pay growth held at 3.7%, or 0.8% after CPI inflation. Vacancies fell to an early estimate of 691,000 in July to September, 37,000 lower than a year earlier, and the ONS describes the labour market as broadly flat this year. For buyers, real pay growth of under 1% does little to offset rising mortgage rates, so affordability is unlikely to ease through incomes alone. For sellers, steady jobs data lowers the risk of forced sales but is not strong enough to support firmer asking prices, and the Bank of England's next rate decision will matter more for mortgage costs.