U.K. house price growth accelerated more than expected in June, data from the Nationwide Building Society showed Wednesday.
House prices climbed 5.1 percent annually, following a 4.7 percent rise in May. Economists had forecast prices to grow 4.9 percent. This was also the fastest growth in three months.
At the same time, monthly growth in house prices held steady at 0.2 percent. Prices were expected to remain flat in June.
“It has become difficult to gauge the underlying pace of demand in recent months, due to the surge in house purchase activity in March ahead of the introduction of Stamp Duty on second homes on 1 April,” Robert Gardner, Nationwide’s chief economist, said.
It is too early to assess the impact of the referendum vote on the economy, the economist noted.
In the second quarter, overall house prices advanced 5.1 percent from last year and gained 9.9 percent in London.
The material has been provided by InstaForex Company – www.instaforex.com