House price growth is typically a measuring stick for housing market health. If house prices are increasing, then it is likely the housing market is in good shape and growth and expansion will continue. As house price growth starts to decline, so does the progress of the market along with optimism from those within it. The current housing market is finding itself in the position of little house price growth over the last few months and a subdued amount of overall activity.

The current housing market is subdued in many sectors with the exception of remortgage. Original lending has slowed according to the latest figures. This is the summer selling seasons and typically a booming span of the calendar. So far, the market has remained quiet among the uncertainty of Brexit and what it will mean for the UK as it exits the EU next year. Many who are considering selling their home have backed off, and many who were considering buying a home have also slowed down the decision making.

According to Nationwide, annual house price growth has slowed to a five year low during the month of June even though house prices are still rising. The average house price now sits at £215,444. This is after a 2% increase in house prices took place in June.

Robert Gardner of Nationwide commented on the latest data, saying: “Annual house price growth has been confined to a fairly narrow range of 2-3% over the past 12 months, suggesting little change in the balance between demand and supply in the market over that period.”

Gardner added: “There are few signs of an imminent change. Surveyors continue to report subdued levels of new buyer enquiries, while the supply of properties on the market remains more of a trickle than a torrent.”