United Kingdom: Home prices rise in January
January 31, 2013
In January, the price of a typical U.K. home increased a seasonally adjusted 0.5% over the previous month, according to data published by mortgage lender Nationwide Building Society (NBS). The figure came in above the flat reading recorded in December and overshot market expectations, which had home prices rising 0.2%.
According to Nationwide, "while activity in the housing market remains muted by historic standards, there have been tentative signs of a pick up in activity in recent months. The Funding for Lending Scheme has achieved some success in bringing down mortgage rates, with some signs of a pick up in lending activity".
Compared to the same month last year, home prices remained flat, which, nevertheless, represents an improvement over the 1.0% decline tallied in December.