United Kingdom: House prices continue on upward trend
October 31, 2013
According to the Nationwide Building Society (NBS), home prices in the U.K. rose 1.0% over the previous month in October, reaching the highest price level since April 2008. The increase overshot both the 0.9% rise recorded in September and market expectations of a 0.7% increase in prices. On an annual basis, home prices rose 5.8% (September: +5.0% year-on-year).
According to the NBS, the increase in home prices comes on the back of an improvement in the housing market. The NBS stated that, "the ability to buy has been supported by continued gains in employment and policy measures such as the Help to Buy and Funding for Lending schemes, which have improved the availability and lowered the cost of credit."
Author: Dirina Mançellari, Senior Economist