House prices edged up in September as the market recovered from the initial Brexit hit
House prices fell 0.1 per cent in the three months to September as compared to the previous quarter, according to Halifax – but they edged up month-on-month.
There was a 0.1 per cent increase in property values between August and September, following two months of house prices falling. Year on year growth hit 5.8 per cent.
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"House prices in the three months to September were largely unchanged compared with the previous quarter," said Martin Ellis, Halifax's housing economist.
"The housing market has followed a steady downward trend over the past six months with clear evidence of both a softening in activity levels and an easing in house price inflation."
He added demand has become constrained since house price growth reached a high of 10 per cent in March because prices had been rising more quickly than earnings, making it difficult for people to buy a home.
There was a lull in house prices immediately following the Brexit vote, but prices have begun to rebound and confidence has also picked up.