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Financial News: UK House Price Growth At 14-Month High

UK House Price Growth At 14-Month High

01/29/2020 - 07:11:00 (RTTNews)

(RTTNews) - UK house prices increased at the fastest pace in more than a year in January, thanks to low interest rates and improving labor market conditions, data from Nationwide Building Society showed Wednesday.

House prices grew at a faster-than-expected 1.9 percent in January, following a 1.4 percent annual rise in December.

A similar faster growth was last reported in November 2018. Prices were expected to gain 1.5 percent.

The monthly basis house price inflation accelerated to 0.5 percent from 0.1 percent. This was also above the forecast of 0.2 percent.

Looking ahead, economic developments will remain the key driver of housing market trends and house prices, Robert Gardner, Nationwide's chief economist, said.

"Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months," the economist added.

January's house price data show further evidence of a Boris bounce, Hansen Lu, an economist at Capital Economics, said.

While house price growth may now be playing catch up after a very weak 2019, the economist doubt that latest the pick-up can be sustained beyond the first quarter of 2020.

Nationwide observed that indicators signaled volatile economic activity for much of 2019 largely due to weak global growth and an intensification of Brexit uncertainty.

Recent data continue to paint a mixed picture. Healthy labor market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook.

According to the Royal Institution of Chartered Surveyors, new buyer enquiries, agreed sales and sales expectations increased after the general election.

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