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UK house price growth eases in September

Staff Writer | September 30, 2016
UK house prices growth eased in September amid worries about the impact of Brexit on the market.
UK house price growth
Britain   The average price of a home was £206,015
House prices rose 0.3% month-on-month in September following a 0.6% increase in August. On an annualised basis, house prices grew 5.3% this month after a 5.6% gain in August. The average price of a home was £206,015.

Nationwide's chief economist Robert Gardner said despite the slowdown annualised house price growth remained within the narrow range of 3% to 6%.

Garndner said weak demand post-Brexit has been matched by a shortage of properties available for sale.

"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."

According to Nationwide's third quarter data, house prices jumped 5.4% year-on-year to £206,346 following a 5.1% increase in the previous quarter.

London continued to be the most expensive area to buy, with prices rising 7.1% in the third quarter to an average of £474,736, although slowing from a 9.9% jump in the second quarter.

The outer metropolitan was the second on the list of priciest areas with prices up 9.6% to £358,153. Prices grew 12.4% in the second quarter.