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31/01/2006
Strong house price rises in January
The UK housing market made a strong start this year, with prices rising by 1.4% - the biggest monthly increase in 18 months - the Nationwide reported.
The increase took the annual rate of price growth to 4.4% and put the average price of a UK home at £158,478.
Fionnuala Earley, Nationwide's Group Economist, said: "This is the strongest monthly rate of growth since July 2004, when it was 1.9% and the annual rate of house price inflation was more than 20%.
"The annual rate of house price inflation in January 2006 is a more modest 4.4%.
"Even so, this is a significant increase in price and confirms the strengthening trend we have seen since October."
Ms Earley said that three-quarters of the price rises had taken place within the past four months, a fact that she attributed to the interest rate cut in August.
Nationwide's group economist, Fionnuala Earley, said three-quarters of that growth had been seen in the last four months, a fact she put down to last August's interest rate cut.
However, the Nationwide said that although mortgage approvals had increased during the year, the market was unlikely to see sustained strong price rises, because of a number of factors, including fears of below-average economic growth and affordability problems, as consumers appeared unwilling to take on any additional debt.
(KMcA/SP)
The increase took the annual rate of price growth to 4.4% and put the average price of a UK home at £158,478.
Fionnuala Earley, Nationwide's Group Economist, said: "This is the strongest monthly rate of growth since July 2004, when it was 1.9% and the annual rate of house price inflation was more than 20%.
"The annual rate of house price inflation in January 2006 is a more modest 4.4%.
"Even so, this is a significant increase in price and confirms the strengthening trend we have seen since October."
Ms Earley said that three-quarters of the price rises had taken place within the past four months, a fact that she attributed to the interest rate cut in August.
Nationwide's group economist, Fionnuala Earley, said three-quarters of that growth had been seen in the last four months, a fact she put down to last August's interest rate cut.
However, the Nationwide said that although mortgage approvals had increased during the year, the market was unlikely to see sustained strong price rises, because of a number of factors, including fears of below-average economic growth and affordability problems, as consumers appeared unwilling to take on any additional debt.
(KMcA/SP)
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Annual Rate Of House Price Growth Slows
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