U.K house prices grew at a slower pace as expected in December, survey figures from the Nationwide Building Society showed Tuesday.
The house price index rose a seasonally adjusted 0.2 percent month-over-month in December, slower than November's 0.3 percent increase. This was in line with the consensus estimate and marked the third consecutive month of increase.
The annual house price inflation eased to 7.2 percent in December from 8.5 percent in the prior month. This matched the expectations of economists.
Annual house price inflation eased for a fourth straight month.
Quarter-on-quarter, house prices rose 1 percent in the three months to December, slightly faster than the 0.9 percent climb in the three months to November.
«If the economic backdrop continues to improve as we and most forecasters expect, activity in the housing market is likely to regain momentum in the months ahead. Supply side developments will be crucial in determining the trajectory for prices, » Nationwide Chief Economist Robert Gardner said.
«There are encouraging signs that construction is starting to pick up. Hopefully, this will set the stage for house price growth gradually converging with income growth in the quarters ahead, «
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