House price growth turns negative over the month – but just remains positive year-to-year

House price growth –just – crept into reverse last month. However, annual house price inflation – just – remained in positive territory.

According to Nationwide the average house price was £216,352, down just 0.2% from an average of £216,096 in August.

Annual house price inflation was up by the same amount, 0.2%.

September was the tenth month in a row where Nationwide has recorded annual house price growth of under 1%.

London was the weakest performing region in the third quarter of this year, Nationwide also reported, with prices down 1.7% compared with the same period a year ago.

The lender said that UK house prices are now “only” around 17% higher than their 2007 peak.

Mike Scott, of Yopa, said: “It now seems likely that year-on-year house price growth will dip into negative territory in the last quarter of this year as the Brxit uncertainty continues to subdue market activity.”

Separately, the latest Bank of England lending figures show that in August there were 65,000 mortgage approvals for house purchase, down from the 18-month high of 67,000 in July.

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