Saturday, February 24, 2024

U.K. House Prices Gain More Than Expected

U.K. house prices rose more than expected in February, according to Nationwide Building Society, a sign that the market’s strength has extended into this year.

Prices gained 0.6 per cent from January, a third month of gains. Economists predicted an increase 0.2 per cent. From a year earlier, prices climbed 4.5 per cent to an average of $254,000 (£205,846).

Britain’s housing market and the wider economy have been surprisingly resilient since the vote to leave the European Union in June. Still, the Bank of England sees cooler expansion this year as consumer spending moderates.

Nationwide doesn’t provide a regional breakdown, though other reports suggest the market is weaker in London, with more home sellers having to cut asking prices. London home prices have surged about 86 per cent since 2009, meaning it now costs buyers 14.2 times their annual gross salary to purchase a property, more than double the U.K. average.

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