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"… housing market is treading water"
- Robert Gardner, chief economist at Nationwide
U.K. house prices rose for a second consecutive month in October, said property researcher Hometrack Ltd. The average price of a home increased 0.4% from September to ВЈ165,650 and was up 0.8% from a previous year.
"Given the challenging economic backdrop, October's data is encouraging, but it doesn't fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year," said the Nationwide's chief economist, Robert Gardner.
"The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next 12 months," added Mr. Gardner.