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Financial News: UK House Price Inflation At 8-month Low

UK House Price Inflation At 8-month Low

10/01/2019 - 02:58:00 (RTTNews)

(RTTNews) - UK house price inflation slowed sharply in September to its lowest level in eight months, survey data from the Nationwide Building Society showed on Tuesday.

The house price index rose 0.2 percent year-o-year following a 0.6 percent increase in August. Economists had forecast 0.5 percent inflation.

Annual house price growth remained below 1 percent for the tenth month in a row.

Month-on-month, house price decreased 0.2 percent in September after remaining unchanged in August. Economists had expected a modest gain of 0.1 percent. The decline was the first in four months.

"The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing within the fairly narrow range prevailing over the past two years," Nationwide Chief Economist Robert Gardner said.

"Healthy labor market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook."

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