UK house prices drop in September amid Brexit woes - Nationwide
UK house prices fell in September as Brexit-related uncertainty took its toll, according to the latest survey from Nationwide.
House prices fell 0.2% month-on-month in September compared to a flat reading in August and expectations of a 0.1% uptick.
On the year, house prices rose 0.2%, down from 0.6% growth in August and below consensus expectations of a 0.5% increase.
Robert Gardner, Nationwide's chief economist, said this marks the tenth month in a row in which annual price growth has been below 1%.
"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. 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."