The latest house price index from Nationwide shows that house price growth has slowed to its lowest annual rate for five years, now at 2%. While this may make worrying reading for UK homeowners, it is only marginally behind the 2.4% registered the previous month and looking at the month on month picture, prices are actually on the up with an increase of 0.5%.
The latest figures portray a market that has not only slowed due to the Brexit vote but is showing no signs of imminent change as both supply and demand levels remain subdued.
Nationwide believe the UK market is still on track to register a 1% increase in property values over 2018 but some regions are faring much better than others.
While London was the only region to see a decline in price growth, property values in the capital are still 50% higher than their 2007 peak.
The Outer Met region, Outer South East, East Anglia and South West were also home to an average house price above their 2007 peak.
The East Midlands enjoyed the strongest price growth in England, up 4.4% and Scotland also enjoyed an uplift of 3.1%.
There has certainly been a decline in price growth since the Brexit vote but while the outlook may seem gloomy for the UK property market, there are positives to take from the current climate.
Prices remain buoyant and so while the rate of growth may have stalled slightly, homeowners are yet to see the value of their bricks and mortar investment decline.
In addition to this, there have been positive signs across the board where monthly price growth is concerned and this is positive news for the long-term forecast as the market continues to find its feet.Russell Quirk