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UK house prices surge again in February - Nationwide
British house prices surged again in February, the latest sign of strength in the housing market despite the expiry of tax breaks on property purchases and a worsening cost-of-living squeeze, a survey showed on Wednesday.
Mortgage lender Nationwide said house prices jumped 1.7 per cent month-on-month after a 0.8 per cent rise in January, the strongest reading for six months. A Reuters poll of economists had pointed to a 0.6 per cent increase.
That brought the average price of a house in Britain to 260,230 pounds (US$345,741), up 12.6 per cent on a year ago and marking the fastest annual growth rate since June.
The housing market has been hot in Britain - and many other countries around the world - since the lifting of the first coronavirus lockdown in 2020, boosted by demand for bigger properties as more people worked from home.
The British market was also stoked by a tax incentive offered by finance minister Rishi Sunak which fully expired at the end of September, when a jobs support programme also lapsed.
Nationwide sounded a sceptical note about the outlook from here.
"(It) is likely that the housing market will slow in the quarters ahead," said Robert Gardner, chief economist at Nationwide.
"The squeeze on household incomes is set to intensify, with inflation expected to rise above seven per centin the coming months." ($1 = 0.7527 pounds)
- Reuters
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2022-03-03 14:55