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Annual house price growth is slowing down, says Nationwide

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.”

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