United Kingdom: Home prices increase for the second straight month in June
June 28, 2013
In June, the price of a typical home in the U.K. rose 0.3% over the previous month, according to data published by the Nationwide Building Society (NBS). The figure was slightly below both the 0.4% increase recorded in May and market expectations that had home prices growing at the previous month's pace. On an annual basis, home prices added 1.9% (May: +1.1% year-on-year), the fastest rate in nearly three years.
According to the Nationwide, "a number of factors are likely to be contributing to the recent acceleration. Demand for homes has been supported by further modest gains in employment, as well as an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures, such as the Funding for Lending Scheme. Signs of a modest improvement in wider economic conditions may also be playing a role in boosting buyer sentiment".