The housing market could be showing the first signs of slowing down, the latest Nationwide house price index has revealed.
House price growth fell from 10% in August to 9.5% in September, as 10 out of 13 regions recorded a slowdown in the third quarter. London reported the weakest figures with growth rising slightly from 6% to 6.7%. The South West was the strongest area with prices up 12.5%, although still down from 14.7% a month earlier.
Robert Gardner, Nationwide’s chief economist, said: “In September, annual house price growth slowed to single digits for the first time since October last year although, at 9.5%, the pace of increase remained robust.
“There have been further signs of a slowdown in the market over the past month, with the number of mortgages approved for house purchase remaining below pre-pandemic levels and surveyors reporting a decline in new buyer enquiries. Nevertheless, the slowdown to date has been modest and, combined with a shortage of stock on the market, this has meant that price growth has remained firm.”