UK house prices snap two-month decline in September, shrug off Brexit uncertainties

Housing prices in the United Kingdom snapped two-month decline during September, shrugging off post-Brexit vote uncertainties that are throttling the economic growth of the common currency zone.

The average asking price for a house in the United Kingdom was up 0.7 percent on month in September, data released by property tracking website Rightmove showed Monday, coming in at 306,499 pounds. That follows the 1.2 percent contraction in August.

On a yearly basis, house prices advanced 4.0 percent, slowing marginally from the 4.1 percent growth in the previous month. The seasonal recovery witnessed this month was less strong compared to previous years. The monthly rise this September was a little less than the monthly rise of 0.9 percent in September 2015 and 2014.

"The market continues to shake off the effect of post-Brexit vote uncertainty, though more so in the lower end sector," said Miles Shipside, Director, Rightmove.

Meanwhile, rapidly rising house prices have left first-time buyers struggling to secure large enough mortgages as investors crowd them out at the bottom of the market, reports confirmed.