LONDON (MNI) – UK house prices rose in February, adding to the
evidence provided by the latest Bank of England data, that the housing
market has picked-up.
House prices in the Nationwide series were up 0.6% on the month and
up 0.9% on the year in February. BOE data published Wednesday showed a
marked increase in mortgage approvals and the Nationwide figures
show house prices rising.
“Measures of activity in the housing market have … picked up,
with the number of housing transactions rising by 23% y/y in January and
the number of UK mortgage approvals – a leading indicator of sales – up
36%. However, it remains to be seen whether this trend will be
sustained,” Robert Gardner, Nationwide’s Chief Economist, said.
House asking price surveys have also shown marked rises. With the
stamp duty (property transaction tax) holiday set to end in March, some
of this pick-up may simply reflect housing activity being brought
forward.
–London newsroom: 4420 7862 7491; email drobinson@marketnews.com
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