–Nationwide: UK April House Prices +1.0% m/m; +10.5% y/y
–Nationwide: y/y Increase In Double Digits 1st Time Since Aug 07
–Nationwide: Feb-Apr House Prices Up 1.1% 3m/3m
LONDON (MNI) – UK house prices surged by 1.0% in April from March,
the second consecutive monthly 1.0% rise, leaving house prices up by
10.5% on an annual basis, according to Nationwide data.
Nationwide said that this was the first time that the annual house
price change had been in double digits since October 2007, when they
were up 11.1%.
In the latest three month period prices were up 1.1% from the
previous three months, down from 1.5% in the three months to March.
Nationwide revised up March’s month-on-month house price change to
1.0% from its previous 0.7%, but the year-on-year was steady at 9.0%.
Martin Gahbauer, Nationwide’s Chief Economist, added a note of
caution on these seemingly strong numbers. He cited base effects as in
April 2009 house prices fell 0.3% on the month to stand down 15% on the
year.
“April’s figures show the first double-digit annual growth in UK
house prices since June 2007. The year-on-year rate in this month’s
figures, however, received an additional boost from the fact that April
2009 was one of the weaker months last year.
“Given the very strong performance of house prices from May 2009
onwards, it will take monthly increases in excess of 1% for the annual
rate of inflation to be maintained in double digits going forward. The
smoother three month on three month rate of inflation edged down further
from 1.5% in March to 1.1% in April, which primarily reflects the impact
of February’s 1.0% decline in house prices”.
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]
