24.2 C
New York
Tuesday, June 18, 2024
HomeBusinessUK house prices rise for first time in over a year

UK house prices rise for first time in over a year


Related stories

India-made TB diagnostics tech wins acclaim at World Health Assembly

Developed by Goa-based Molbio, a point-of-care molecular diagnostics company,...

GitHub teams with Infosys to launch centre of excellence in Bengaluru

GitHub, the Microsoft-owned developer platform, has partnered with Infosys...

Musk used illegal drugs, made female staff ‘uncomfortable’: WSJ report

Concerns about Elon Musk's alleged use of illegal drugs...

Pritika Mehta outlines AI-driven future for Indian entrepreneurs

Pritika Mehta, an Indian-American entrepreneur and AI expert, stands...

Indian-origin CEO of Australian renewable energy firm plans manufacturing shift to India

A Brisbane based renewable energy technology company ZekiTek whose...

British house prices in February rose in annual terms for the first time in more than a year, mortgage lender Nationwide Building Society said on Friday, the latest sign of a recovery in the housing market after a dip in mortgage costs.

House prices were 1.2 per cent higher than in February 2023, the first annual increase since January last year, Nationwide said.

Prices rose by a monthly 0.7 per cent between January and February this year, it said.

A Reuters poll of economists had pointed to a rise of 0.7 per cent in annual terms and a month-on-month increase of 0.3 per cent.

“The decline in borrowing costs around the turn of the year appears to have prompted an uptick in the housing market,” Nationwide chief economist Robert Gardner said.

- Advertisement -

The lender’s price gauge was now only 3 per cent below an all-time peak touched in the summer of 2022, shortly before the market was hit by the Bank of England (BoE) raising interest rates and bond market turmoil under former Prime Minister Liz Truss.

Over the three months to the end of February, prices rose by 1.2 per cent, their fastest since July 2022.

The BoE kept its key borrowing rate at 5.25 per cent last month, its highest since 2008, but it said the time for a cut might be approaching as inflation heads for its 2 per cent target. Mortgage rates have been declining in anticipation of the BoE’s next move.

The BoE said on Thursday that mortgage approvals in January were their highest since October 2022. (Reuters)


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories