UK PROPERTY PRICES CONTINUES WITH GROWTH

The United Kingdom house prices increased by one percent in October and are now 5.8 per cent higher than October 2012 but remain about seven per cent below the peak of 2007, according to latest monthly index from the nationwide building society. The rise of takes the average property price to E173,678. Nationwide’s chief economist, Robert Gardner, said the UK housing market appears to be following the more resilient upward trend evident in the wider economy in recent quarters.

He said that the one per cent increase over the month in October means that prices are maintaining the momentum that has been building in the second half of 2013. After averaging less than one per cent in the first half of the year, the annual pace of house price growth accelerated to 5.8 per cent in October from five per cent the previous months.