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United Kingdom Housing September 2019

United Kingdom: Housing market remains subdued in September

According to the Nationwide Building Society (NBS), house prices in the United Kingdom fell by 0.2% month-on-month in September, down from August’s flat reading. On an annual basis, house prices rose 0.2%, down from August’s 0.6% increase. As such, this was the tenth consecutive month with annual price growth less than 1.0%. The average house price in September was GBP 215,352 (September 2018: GBP 214,922). The overall picture is broadly unchanged; the property market is in a continued soft patch, weighed on by weak consumer sentiment and Brexit uncertainty.

The market is likely to stay subdued in coming months, and Brexit developments will be key. While a departure from the European Union without a deal could dampen demand and see prices fall, a smooth withdrawal should support sentiment and see price growth pick up, amid a favorable backdrop of healthy demographics and a strong labor market.

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