House Price Growth Slows As Market Cools After Brexit Vote

House price growth slowed in September in the latest sign of the market coming off the boil after the Brexit vote. Prices rose by 5.3% compared with the same month last year, according to figures from Nationwide.

That was a slowdown from the 5.6% year-on-year increase seen in August.

On a monthly basis, prices were up 0.3% in September, following a 0.6% rise the month before.

It leaves the average UK house price at £206,015.

The scale of the slowdown remains modest, with annual growth remaining within a 3-6% range it has been in since early 2015.

Nationwide chief economist Robert Gardner said this was probably due to the impact of weaker demand being cushioned by a shortage of homes for sale.

He said: “The relative stability in the rate of house price growth suggests that the softening in housing demand evident in recent months has been broadly matched on the supply side of the market.”

The figures come a day after the Bank of England reported that the number of mortgage approvals in August had dropped to its lowest level since November 2014.

But elsewhere in the economy, separate data from market research firm GfK showed consumer confidence had held up since June’s EU poll.

Confidence bounced back in September to the same level as before the referendum, according to the figures.

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