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Annual house price growth softened in September

GBPUSD News by Newsroom on 02:13 September 30, 2016 EST

House prices in the UK increased by 0.3% in the month of September Nationwide Building Society said on Friday morning. Annual house price growth slowed to 5.3% from 5.6% in August.

Commenting on the figures, Robert Gardner,Nationwide's Chief Economist, said:
“The pace of annual house price growth slowed to 5.3% in September, from 5.6% in August,though it remained within the narrow range of 3% to 6% that has prevailed since early 2015.“

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.

Survey data indicates that, while new buyer enquiries have remained fairly subdued, the number of homes on the market has remained close to all-time lows, in part due to low rates of construction activity.