Housing market is losing momentum, Nationwide says
The trend may continue in the near term, especially in London, Nationwide added. Monthly house prices rose by 0.5% in October, taking the average house price up to £189,333.
However, Robert Gardner, Nationwide's chief economist, said: "A variety of indicators suggest that the market has lost momentum.
"The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year," he said.