Price growth for UK’s houses fell below 2% for the first time in five years, Bloomberg reports with the reference to Nationwide Building Society.

In October housing prices at the market, which was in subdued mood recently, grew by 1,6% compared with the last year. These are the lowest gains since the middle of 2013.

Nationwide revised its growth forecast for this year. Now it is about 1%.

The report issued today is one more evidence that UK’s housing market continues weakening. Affordability of housing is still very low, while Brexit keeps creating uncertainty about future economy of the country.

Meanwhile, borrowing costs are still quite small, while unemployment level is the lowest in 40 years, and that can prevent steep slump.