In October, prices for a typical house in the U.K. rose a seasonally adjusted 0.6% over the previous month, according to data published by the Nationwide Building Society (NBS). The figure contrasted the 0.4% contraction observed in September and overshot market expectations that had prices gaining only 0.1%. The NBS noted that currently there is no established trend and highlighted that the economic recovery remains fragile, "with households and the public sector focused on repairing their finances rather than spending". In addition, the NBS stated "policy measures such as the Bank of England's Funding for Lending Scheme, which is helping to keep down mortgage rates, should provide support for mortgage lending. Nevertheless, housing market conditions are likely to remain fairly subdued until there is a sustained improvement in the wider economic environment". Compared to the same month last year, home prices decreased 0.9%, which marked an improvement over the 1.4% decline seen in September.
United Kingdom Housing
Home prices rise in October
November 1, 2012
Looking for forecasts related to Housing in United Kingdom? Download a sample report now.
United Kingdom Housing Chart
Note: Average price of a typical property in the U.K. and seasonally adjusted month-on-month variation in %.
Source: Nationwide Building Society (NBS).
United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.