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London’s housing market is leading the downturn, with prices sliding by 1.7% year-on-year in the last quarter, Nationwide reports.
Prices in the ‘Outer Metropolitan’ region also fell, by 1.5%, reflecting the impact of Brexit uncertainty on the capital.
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“UK annual house price growth almost ground to a halt in September, at just 0.2%. 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.
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