United Kingdom: House prices increase for the fourth month in August
August 30, 2013
In August, home prices in the U.K. rose 0.6% over the previous month, according to data published by the Nationwide Building Society (NBS). The increase met market expectations and was slightly below the 0.8% rise recorded in July. Home prices added 3.5% on an annual basis, which was below the 3.9% increase seen in July. According to the NBS, the increase in home prices reflected the improvement in the consumer confidence index in recent months due to signs that, "the UK economy is gaining momentum." Moreover, a reduction in the cost of credit along with credit being more available is increasing demand in the property market.
Author: Dirina Mançellari, Senior Economist