United Kingdom: House prices edge up
July 29, 2011
In July, the average price of a typical property in the U.K. increased a seasonally adjusted 0.2% over the previous month to GBP 168,731, based on data collected by the mortgage lender Nationwide Building Society (NBS). The reading was above June's flat reading and contrasted market expectations of a 0.2% decline. On an annual basis, house prices moderated for a fourth straight month and were down 0.4% (June: -1.1% year-on-year). Compared to the peak reached in October 2007, prices are down 9.3%. According to NBS, sluggish demand for homes, combined with only a gradual rise in the supply of available properties will prolong the stagnation experienced in the property market.