Annual house price growth remains below 1% for ninth month in a row

Annual house price growth remained below 1% for the ninth month in a row in August, at 0.6%, according to the Nationwide House Price Index.

Commenting on the figures, Nationwide’s chief economist Robert Gardner said “while house price growth has remained fairly stable, there have been mixed signals from the property market in recent months”.

“Surveyors report that new buyer enquiries have increased a little, though key consumer confidence indicators remain subdued,” he added.

“Data on the number of property transactions points to a slowdown in activity, though the number of mortgaged approved for house purchase has remained broadly stable. Housing market trends will remain heavily dependent on developments in the broader economy. In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity.”

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