U.K. Home Prices Get Lift
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LONDON -- Hopes for a U.K. housing recovery got a lift Wednesday from fresh home-price data and cautiously upbeat comments from builder Taylor Wimpey PLC.
Lloyds Banking Group PLC said its Halifax index measuring house prices rose 1.1% in July from June, the second rise in three months. Year-to-year, prices were down 12.1% -- the smallest decline since August 2008. Prices now stand at mid-2004 levels.
"Higher demand has combined with the low levels of property available for sale to boost sales activity from exceptionally low levels and support prices over the past few months," said Martin Ellis, Halifax's housing economist.
U.K. house builders have suffered in the past two years as the availability of mortgage financing evaporated, curbing demand for housing and driving down prices. House builders mothballed new developments. But price cuts and lower interest rates have helped revive demand.
