British house price growth rose 0.5 percent in September, more than expected by analysts, according to data released by mortgage lender Nationwide on Wednesday.
This data is the latest in a string of indications recently that the housing market may be getting back on track, after a dip at the end of last year.
House prices were up on August’s figure of 0.4 percent and rose on an annual basis by 3.8 percent, up from 3.2 percent last month. This is complementary to data released yesterday, showing mortgage lending increased the most since 2008 and confidence in the market is on the rise.
The Chief Economist at Nationwide, Robert Gardner, commented: “The data in recent months provides some encouragement that the pace of house price increases may be stabilising close to the pace of earnings growth.”
However, news across the spectrum may not be so positive. A further survey showed on Wednesday that GfK’s consumer confidence index fell strongly in August, dropping from +7 to +3; signs that consumer confidence has been hit by both the economic downturn in China and the migrant crisis in Europe.
