UK house price inflation highest in 18 months, says Nationwide
Topics: HOUSE PRICE INFLATION NATIONWIDE UK
The house price index rose 2.3 percent year on year after a 1.9 percent increase in January. The figure was in line with economists' expectations.
The latest house price inflation was the highest since July 2018, when it was 2.5 percent.
The average house price rose to GBP 216,092 from GBP 215,897 in the previous month.
"While overall economic growth ground to a halt in the final three months of 2019, labor market conditions remained buoyant and borrowing costs low," Nationwide Chief Economist Robert Gardner said. "The decisive election outcome may have provided a boost to buyer sentiment."
On a month-on-month basis, house prices rose 0.3 percent after a 0.5 percent increase in January. Economists had expected a 0.4 percent climb.
On a three months-on-three months basis, house prices rose 1 percent in February. ■