UK house prices were flat this month for the first time since July 2021, Nationwide figures show, revealing the impact of rising interest rates and high inflation.
The average house price was unchanged between August and September, ending more than a year of uninterrupted growth. The annual pace of growth slowed to 9.5 per cent from 10 per cent in the previous month.
Further signs of a slowdown in the market have emerged over the past month, said Robert Gardner, Nationwide’s chief economist, as the number of mortgages approved for house purchase remained below pre-pandemic levels and surveyors reported a decline in new buyer inquiries.
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