According to mortgage lender Halifax, house prices in the UK dropped unexpectedly for nearly six months in September, as the number of homes for sale this year dropped to a decade low.
The country’s largest mortgage lender said that the average price of a home in the UK dropped in September to £225,995, a reduction of 1.4% from the average reported in August. Property prices still remain 2.5% higher than they were a year ago.
City economists had anticipated month-on-month expansion of 0.2% last month.
The most recent overview of the UK housing market, taken only six months before Britain leaves the EU, indicates reduced levels of demand for homebuying amid the political uncertainty created by Brexit.
Economists responded that the picture presented by Halifax concealed some regional variations. Although Brexit property prices in London are dropping for the first time since 2009, prices elsewhere are going up.