UK House Price Growth Rebounds From 5-year Low: Nationwide

Fecha : 30/11/2018 @ 00:49
Fuente : RTTF2
Emisora : Euro (B) VS New Zealand Dollar Spot (Eur/Nzd) (EURNZD)
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UK House Price Growth Rebounds From 5-year Low: Nationwide

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UK house price inflation accelerated more-than-expected in November, after slowing in the previous month to its lowest level in over five year, but the outlook remains subdued due to the Brexit-linked uncertainty and a squeeze on household budgets.

The house price index rose 1.9 percent year-on-year following a 1.6 percent increase in October, data from the Nationwide Building Society showed on Friday.

In August and September, price growth was 2 percent. Economists had expected house price growth of 1.7 percent for November.

House price inflation increased for the first time in four months in November. October's price growth figure was the lowest since May 2013.

On a month-on-month basis, the house price index rose 0.3 percent in November after remaining unchanged in October. Economists had expected a modest gain of 0.1 percent. The latest monthly increase was the biggest since July.

"Looking forward, much will depend on how broader economic conditions evolve," Nationwide's Chief Economist Robert Gardner said.

"In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40-year lows."

Gardner said there is scope for activity to pick-up throughout next year if the uncertainty lifts in the months ahead.

The squeeze on household incomes is already moderating and policymakers have signaled that, if the economy performs as they expect, interest rates are only expected to rise at a modest pace and to a limited extent in the years ahead, the economist added.

However, Bank of England warned this week that a "no-deal" Brexit could see the UK economy shrinking 8 percent immediately afterwards with no transition period, a worst-case scenario, and house prices could fall by almost a third.

The bank made this prediction in its analysis of different Brexit scenarios, which was presented to lawmakers as they prepare to vote on Prime Minister Theresa May's Brexit deal.

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