Nationwide said on Tuesday that home price growth remained subdued in September.
In fact, annual UK house prices rose by 0.2% in September, according to the Nationwide House Price Index. This marks the 10th consecutive month in which the annual price increase rate has been below 1%.
For September itself, the monthly rate of change in house prices, which takes into account “seasonal factors,” was -0.2%, according to Nationwide.
Robert Gardner, chief economist at Nationwide, said: “Indicators of UK economic activity have been quite volatile in recent quarters, but the underlying pace of growth remains strong as a result of the global economic slowdown and growing Brexit uncertainty. appears to be slowing down,” he said, commenting on the data. .
Indeed, as the country enters the extension month of the Halloween Brexit deadline, all that remains certain at this point is further uncertainty.
Just last week, the Supreme Court ruled that Boris Johnson’s prorogation of Parliament was not only illegal, but also invalid and non-existent.
“However, business investment is at the heart of the slowdown, and household spending is more resilient, supported by steady growth in employment and real incomes,” Nationwide’s chief economist continued.
“The fundamental pace of housing market activity has remained broadly stable, with the number of mortgages approved for home purchases continuing to move within a fairly narrow range over the past two years, with healthy labor market conditions and low borrowings. Costs appear to be offsetting the impact of the uncertain economic outlook.”
According to the data, London was the worst performing region in the third quarter, followed closely by the outer metropolitan areas, with annual price declines of 1.7% and 1.5% respectively.
This is the ninth consecutive quarter of falling prices in the capital.
Meanwhile, Northern Ireland remained the strongest domestic performer in the third quarter, although Nationwide’s chief economist said annual price growth slowed to 3.4%.
