U.K. house price inflation eased to a more than two-year low in August, data from Nationwide Building Society showed Thursday.
House prices rose 3.2 percent year-on-year in August, slower than the 3.5 percent increase seen in July. Nonetheless, it was faster than the expected 3.1 percent increase.
The annual rate of price growth was the weakest since June 2013, this partly reflects the high base for comparison, since prices increased at a particularly strong rate in August 2014, Robert Gardner, Nationwide’s chief economist, said.
“However, survey evidence cautions that this trend may not be maintained unless construction activity accelerates,” said Gardner.
On a monthly basis, house price inflation eased marginally to 0.3 percent from 0.4 percent in July. Economists had forecast house price growth to remain unchanged at 0.4 percent.
The material has been provided by InstaForex Company – www.instaforex.com