Annual house price growth remained below 1% for the 11th month in a row in October, at 0.4%. Average prices rose by around £800 over the last 12 months, a significant slowing compared with recent years – for example, in the same period to October 2016, prices increased by £9,100. That’s the view of the Nationwide Building Society who, in their most recent survey of the UK Housing Market highlight that Indicators of UK economic activity have been fairly volatile in recent quarters.
The underlying pace of growth appears to have slowed as a result of weaker global growth and an intensifying of Brexit uncertainty although the slowdown has centred on business investment, while household spending has been more resilient. The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing on a similar course to the past two years.