On a month-to-month basis, house prices fell by 0.4% in September to reach an average value across the U.K. of $286,209.
Average prices in September fell by 0.4% from August levels.House prices in the United Kingdom are rising at their slowest rate in six-and-a-half years, according to a well-watched barometer of the property market.
"Whilst this is the lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we've seen in recent months," said Halifax's Managing Director Russel Galley in a press release. Galley said that the bank expected property prices in Britain and Northern Ireland to remain sluggish as long as "the current period of economic uncertainty persists."
The wider U.K. economy is at risk of slipping into a technical recession where gross domestic product contracts for two consecutive quarters. Manufacturing and services data is suggesting that U.K. economy did shrink in the three months to September, following a confirmed 0.2% contraction in the April-to-June period.
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