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August House Prices

Friday, August 29, 2014

UK house prices rose during August at a much faster monthly pace than expected, according to a survey by Nationwide on Friday that contrasted with other signs of cooling in the housing market.

The mortgage lender said house prices rose 0.8% on the month in August compared with a 0.2% rise in July. Economists polled by Reuters had expected an increase of 0.1%.

House prices rose 11.0% on an annual basis, up from 10.6% in July – again outstripping forecasts for a 10.1% increase.

Robert Gardner, Nationwide's chief economist, said house price growth continues to outpace earnings by a wide margin and "the outlook for the housing market remains highly uncertain" with interest rate rises looming – the lender expects a first rise in the first quarter of 2015.

 

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