United Kingdom: Home prices virtually unchanged in April
May 1, 2013
In April, the price of a typical U.K. home dropped a seasonally adjusted 0.1% over the previous month, according to data published by the Nationwide Building Society (NBS). The modest decline followed the flat reading recorded in March but contrasted market expectations that had housing prices rising 0.3%.
According to Nationwide, "there is some evidence that activity and prices have gained some momentum in recent months". Moreover, the NBS noted that the Funding for Lending Scheme (FLS) "has already helped to drive mortgage rates down towards new all time lows" and should continue to buttress home prices going forward.
Compared to the same month last year, home prices increased 0.9%, which was above the 0.8% rise observed in March. The figure represents the largest annual increase since February 2012.