The latest Nationwide house price index is released. UK house prices are forecast to have increased by 5.3% in September, down from 5.6% in August.
Despite UK house prices increasing by 0.6% in August from the previous month, Robert Gardner, Nationwide’s chief economist, said the increase was “at odds with signs that housing market activity has slowed in recent months” – and it looks like prices are starting to catch up with reality.
Gardner reckons that the increase in house prices was mainly a result of shortage of homes on the market, and the outlook going forward will largely depend on the position of the labour market during Brexit – as well as confidence among prospective buyers.