U.K. House Prices Rise Slightly In January: Hometrack
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(RTTNews) - U.K. house prices increased slightly in January underpinned by the lack of property in the market, the property data provider Hometrack reported Monday.
House prices in England and Wales rose 0.1% in January, matching December's monthly growth. Compared with the same period of the previous year, house prices slipped 0.8%. The average cost of houses now stand at GBP 157,100.
Richard Donnell, director of research at Hometrack said the outlook for 2010 remain less certain. Growth in price reflects lack of supply in the market.
According to the Nationwide Building Society, house prices strengthened their upward momentum at the start of 2010, rising 1.2% in January from the previous month. At GBP 163,481, the average price of a typical U.K. property cost 8.6% more than a year earlier in January. The Nationwide noted that unless there is a fall in property values in February, annual house price inflation is likely to move into double-digit territory next month for the first time since May 2007.
Richard Donnell, director of research at Hometrack said the outlook for 2010 remain less certain. Growth in price reflects lack of supply in the market.
According to the Nationwide Building Society, house prices strengthened their upward momentum at the start of 2010, rising 1.2% in January from the previous month. At GBP 163,481, the average price of a typical U.K. property cost 8.6% more than a year earlier in January. The Nationwide noted that unless there is a fall in property values in February, annual house price inflation is likely to move into double-digit territory next month for the first time since May 2007.
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