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Financial News: UK House Prices Log Steady Growth In September

UK House Prices Log Steady Growth In September

10/02/2018 - 02:29:00 (RTTNews)

(RTTNews) - UK house prices logged steady growth in September, data from Nationwide Building Society showed Tuesday.

House prices grew 2 percent year-on-year in September, the same rate as seen in August. Prices were expected to climb 1.9 percent.

On a monthly basis, house prices gained 0.3 percent, in contrast to a 0.5 percent fall in August. This was slightly faster than the expected 0.2 percent rise.

"Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labor market, but also with respect to interest rates," Robert Gardner, Nationwide's chief economist, said.

The economist expects subdued economic activity and ongoing pressure on household budgets to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low. "Overall, we continue to expect house prices to rise by around 1 percent over the course of 2018," Gardner added.

For the fifth quarter in a row London prices fell in annual terms, though the decline remained modest at -0.7 percent in September.

In the third quarter, UK house prices advanced 2.1 percent on year, following previous quarter's 2.2 percent increase. Quarter-on-quarter, house prices gained 0.7 percent.

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