There was little change in UK house price growth in October, new data revealed on Tuesday.
The National House Price Index revealed that the annual growth rate of house prices was 0.4%, remaining below 1% for 11 consecutive months.
Additionally, the data also reveals a 0.2% month-on-month increase.
The data previously revealed that UK annual house prices rose by 0.2% in September.
Robert Gardner, chief economist at Nationwide, said: “Over the past 12 months average prices have risen by around £800, but this is a significant slowdown compared to recent years. For example, in the same period up to October 2016, prices rose by around £800. , the price has increased by £9,100.” data.
“Indicators of UK economic activity have been quite volatile in recent quarters, but the underlying pace of growth appears to have slowed due to a slowing global economy and growing Brexit uncertainty. “While business investment has been at the heart of the economic slowdown, household spending has recovered more,” Nationwide’s chief economist continued.
This week was supposed to be the deadline to leave the European Union. However, Prime Minister Boris Johnson has formally accepted the EU’s proposal to extend the deadline to leave the EU until the end of January.
GBP/USD is trading around 1.2850 as the Prime Minister looks to set up another election at the end of the year.
Robert Gardner continued: “The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for home purchases remaining within a fairly narrow range over the past two years.”
“Solid labor market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook,” Nationwide’s chief economist said. The question is whether this pattern will continue. ”
“There were tentative signs of a softening in the job market in the three months to August, with employment falling, the unemployment rate rising and wage growth slowing slightly. If this trend continues, it will be of grave concern as it is an important factor supporting the resilience of the world.”
