UK house prices have risen since November, rising by 1.9%.
Nationwide said house prices rose 0.3% month-on-month but remained “relatively stable”.
This week, the Bank of England released analysis on Brexit, warning that house prices could fall by 30% in a no-deal scenario.
The building society announced on Friday that the future of the housing market will depend on how the wider economic situation develops.
Robert Gardner, Chief Economist at Nationwide, said: “Tight household budgets and an uncertain economic outlook will continue to weigh on demand in the near term, even though borrowing costs remain low and unemployment is near a 40-year low. It is likely to slow down.” ”
“If uncertainty eases in the coming months and employment continues to rise, there is scope for economic activity to pick up over the next year.The pressure on household incomes has already eased, and policymakers are confident that the If this trend continues as expected, we expect interest rate increases to remain modest and limited over the next few years.
The average house price is currently £214,044.
The market improved significantly after the 2008 financial crisis, when prices fell by 60%. Construction has increased in recent years, particularly in south-west England, London and the east.
Supply growth has been slower in the Northeast and Northwest, where house prices remain close to 2007 levels.
In other housing news, the number of mortgage approvals in October hit a nine-month high.
Jeremy Leaf, a north London estate agent and former RICS housing chairman, said: “This figure is better than expected given last month’s monthly prices were unchanged and the annual growth rate was the lowest in more than five years. ” he said.
He said: “Yesterday’s encouraging mortgage approvals and transaction figures once again show that pragmatic buyers and sellers are taking advantage of very low mortgage rates and shrugging off Brexit concerns. ” he added.
