Surge in British House Prices Defies Expectations
British house prices experienced a quicker-than-anticipated rise of 0.5% in September, following a slight decrease in August. Despite this increase, annual growth remains below wage growth and inflation rates. Regions like Northern Ireland and northern England saw the most significant price hikes, while London's increase was minimal.
In September, British house prices climbed 0.5%, surpassing economists' predictions, according to a report released by Nationwide Building Society on Wednesday. This marks an improvement from a 0.1% fall recorded in August.
The annual growth rate in house prices remains lower than wage growth and inflation, with a 2.2% rise in prices compared to a year earlier, which is higher than the 2.1% rise in August but still below anticipated levels.
According to Nationwide Chief Economist Robert Gardner, the stabilization in house price growth coincides with favorable economic conditions such as low unemployment and rising earnings. Notably, Northern Ireland and northern England saw the most substantial increases, while London experienced minimal growth.
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