United Kingdom: September house prices at highest level in more than five years
September 27, 2013
In September, home prices in the U.K. increased 0.9% over the previous month, according to data published by the Nationwide Building Society (NBS). The rise, which overshot market expectations of a 0.5% increase in prices, was also above the 0.7% increase recorded in August. Moreover, the reading marked the highest level since June 2008. On an annual basis, home prices rose 5.0%, which was above the 3.5% increase seen in August. According to the NBS, the acceleration in home prices reflected an improvement in demand backed by lower credit costs. An increase in consumer confidence mainly due to a fall in the unemployment rate also contributed to the rise in house prices.
Author: Dirina Mançellari, Senior Economist