U.K. home prices soared most in 18 months

Note: This section contains information in English only.
Source: Dukascopy Bank SA
"The housing market is gradually gaining momentum "
-Robert Gardner, chief economist at Nationwide

Housing market in the U.K. is continuing to gain pace, as home prices soared most in 18 months, Nationwide Building Society said on Thursday. Prices climbed 1.1% in May from the same month a year earlier, the most since November 2011. On a monthly basis, they rose 0.4% from April to an average price of 167,912 pounds. The three-month figure, which is considered as a less volatile data rather than single monthly figures, was also in positive territory for the eighth straight month and showed an increase of 0.4%.

The latest figures are the sign of life in the property market, which has been constantly improving since July 2012 when the government, to make more mortgages available, introduced its funding for lending scheme. According to the latest data, this programme has already helped to ease lending conditions in recent months. Despite the bright spots, there are factors that could drive prices down, including a slowdown in employment growth and pressure on household budgets from high inflation.

Earlier this month the Bank of England Governor Sir Mervyn King said that economic recovery is in sight as officials raised their forecast for growth. In the meantime, mortgage approvals probably jumped to 54,600 in April from 53,504 in the preceding month.


© Dukascopy Bank SA
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