U.K. House Prices Barely Grow in Subdued Market, Nationwide Says
U.K. home-price inflation slowed last month to lowest since January as Brexit uncertainty made buyers and sellers more cautious.
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U.K. home-price inflation slowed last month to the lowest since January as Brexit uncertainty made buyers and sellers more cautious, according to Nationwide Building Society.
Prices rose 0.2% in September from a year ago, the 10th month of gains below 1%, the mortgage lender said Tuesday. That was down from 0.6% in August. On the month, values slipped 0.2%.
The U.K. housing market has little more than stagnant this year as the country approaches its departure from the European Union. Originally scheduled for March, the new Oct. 31 deadline may be extended again if Prime Minister Boris Johnson is bound by legislation to seek more time if he doesn’t get a deal by middle of the month.
“House-price growth almost ground to a halt,” said Robert Gardner, Nationwide’s chief economist. That reflects a cooler economy, which “appears to have slowed as a result of weaker global growth and an intensification of Brexit uncertainty.”
Figures on Monday showed mortgage approvals fell in August. They’ve been stuck in a narrow range around 65,000 a month this year.
London was the worst performing region in the third quarter, according to the report. The strongest gains were seen in Northern Ireland.
To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net
To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Fergal O'Brien, Zoe Schneeweiss
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