House price growth flat in August: Nationwide

"Prices may have ended August flat, but the political environment at the end of the month was nothing less than tempestuous."

The data shows that prices remained unchanged month-on-month, after taking account of seasonal factors.

Robert Gardner, Nationwide's Chief Economist, said: “Annual house price growth remained below 1% for the ninth month in a row in August, at 0.6%. While house price growth has remained fairly stable, there have been mixed signals from the property market in recent months.

“Surveyors report that new buyer enquiries have increased a little, though key consumer confidence indicators remain subdued. Data on the number of property transactions points to a slowdown in activity, though the number of mortgages approved for house purchase has remained broadly stable.

“Housing market trends will remain heavily dependent on developments in the broader economy. In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity."

Michael Biemann, CEO of digital property lender Selina Finance, commented: “Prices may have ended August flat, but the political environment at the end of the month was nothing less than tempestuous.

“The fundamentals of strong employment, cheap mortgages and low supply that are underpinning the property market remain strong but will be tested in the next two months.

“The good news is that many households have locked into low borrowing rates and have positioned themselves to weather whatever the Brexit endgame throws at us.

“People will always be willing to pay extra for a short walk to the station or tube, as it makes the daily grind a bit more bearable.

“So many people in London rely on the tube and trains that a property’s proximity to them will always command a premium.”