UK House Price Growth Rebounds From 5-year Low: Nationwide
30 Noviembre 2018 - 12:49AM
RTTF2
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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