The house prices in the UK are rising at a slower pace since 2013. This is a sign how Brexit is weighing on the housing market says Mortgage Lender Halifax.
After a rise of 1.8 percent in August, the prices then rose 1.1percent on a year on year basis.
House prices fell 0.4 percent after the rise in August which was about 0.2percent.
After the Brexit referendum in 2016, the house prices growth has slowed down. At the time, the Halifax index was showing a growth of about eight percent but now the prices have started falling in the UK and also in some neighboring areas.
According to a survey which came out last week from one of a mortgage lender, showed that the house price growth has fallen down to an 8 month low in September.
The chief economic adviser to the EY ITEM club consultancy said that as the economy is largely struggling and the outlook looks a little uncertain, we must have a belief that the house prices will remain flexible in the near term.
As the UK is due to leave the EU Brexit future remains doubtful. Whether it could leave with a deal or without it, or don’t leave at all.
The economic indicators are indicating a protracted slowdown and also there are chances of recession.