UK House Price Inflation Accelerates In December
UK house prices grew at a faster pace in December, data published by the Nationwide Building Society showed on Wednesday.
House prices climbed 7.3 percent year-on-year in December, following November’s 6.5 percent increase. Prices were expected to rise 6.7 percent. House price inflation reached a six-year high at the end of the year.
On a monthly basis, house price inflation eased slightly to 0.8 percent from 0.9 percent in the previous month. The expected rate was 0.4 percent.
Housing market conditions have remained robust in recent months, even as the wider economic recovery lost momentum and the UK economy faced the prospect of further lockdowns and continued uncertainty about the UK’s future international trading relationship, Robert Gardner, Nationwide’s chief economist, said.
The economist said housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labor market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.