Investors remain on the sidelines after recession and interest rate fears led to more heavy selling for stock markets today.
The FTSE 100 index lost almost 2% of its value over August, with the UK-focused FTSE 250 down by 5.5% amid the weakening economic outlook. The pound has also fallen to below $1.16.
Despite inflation and higher borrowing costs, Nationwide said the UK’s average house price grew 0.8% month-on-month in August and is 10% higher over the past year. However, the building society said there are signs the market is “losing some momentum”.