U.K. House Prices Remain Stuck in Brexit Stasis, Nationwide Says

Photographer: Simon Dawson/Bloomberg

By David Goodman

U.K. house prices barely moved this month as the market remained trapped by Brexit uncertainty, according to Nationwide Building Society. Prices edged up 0.2% in October from last month, the mortgage lender said Tuesday. From a year ago, values rose 0.4%, registering sub-1% growth for an 11th month.

The U.K. housing market has been hamstrung by Brexit turmoil this year as the country approaches its departure from the European Union. Originally scheduled for March, and then October, the deadline has now been extended until January, increasing the uncertainty for buyers and sellers alike.

“Indicators of U.K. economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensifying of Brexit uncertainty,” said Robert Gardner, Nationwide’s chief economist.

Source: Bloomberg