Annual house price growth dipped to 0.2% in September, according to the latest Nationwide House Price Index.

The subdued house price growth marks the tenth month in a row in which annual price growth has been below 1%. Annual price declines persisted in London and the South East.

“Indicators of UK economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensification of Brexit uncertainty,” Nationwide’s chief economist Robert Garner said.

“However, the slowdown has centred on business investment – household spending has been more resilient, supported by steady gains in employment and real earnings.

“The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing within the fairly narrow range prevailing over the past two years. Healthy labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook.”

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