United Kingdom: Housing market firms in February
According to the Nationwide Building Society (NBS), house prices in the United Kingdom rose 0.3% month-on-month in February, down from January’s 0.5% increase. On an annual basis, house prices rose 2.3%, up from 1.9% in January and marking an 18-month high. The average house price in February was GBP 216,092 (February 2019: GBP 211,304). The property sector is likely benefiting from a strong labor market and the recent improvement in consumer confidence.
Looking ahead, house prices will likely rise at a mild rate, supported by low unemployment, and wage gains. Brexit developments will have an important bearing on prices, due to the potential impact on consumer confidence and jobs.