Investing.com – U.K. house prices rose unexpectedly in March, industry data showed on Thursday.
In a report, U.K. mortgage lender Nationwide said its house price index rose by a seasonally adjusted 0.5% in March, after rising by 0.7% in February, whose figure was revised up from 0.3%..
Analysts had expected the house price index to decline by 0.1% in March.
The report showed that year-over-year, home prices in the U.K. rose at an annualized rate of 0.1% in March, after falling by -0.1% in February. Analysts had expected year-on-year home prices to decline at an annualized rate of -0.6% in March.
Commenting on the report, Nationwide's chief economist Robert Gardner said, “The outlook remains uncertain, but all things considered, this is unlikely to mark the beginning of a strong upturn in prices.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.42% to hit 1.6144.
Meanwhile, European stock markets were mixed after the open. The EURO STOXX 50 shed 0.07%, France’s CAC 40 was down 0.1%, Germany's DAX eased up 0.05%, while the FTSE 100 added 0.2%.
In a report, U.K. mortgage lender Nationwide said its house price index rose by a seasonally adjusted 0.5% in March, after rising by 0.7% in February, whose figure was revised up from 0.3%..
Analysts had expected the house price index to decline by 0.1% in March.
The report showed that year-over-year, home prices in the U.K. rose at an annualized rate of 0.1% in March, after falling by -0.1% in February. Analysts had expected year-on-year home prices to decline at an annualized rate of -0.6% in March.
Commenting on the report, Nationwide's chief economist Robert Gardner said, “The outlook remains uncertain, but all things considered, this is unlikely to mark the beginning of a strong upturn in prices.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.42% to hit 1.6144.
Meanwhile, European stock markets were mixed after the open. The EURO STOXX 50 shed 0.07%, France’s CAC 40 was down 0.1%, Germany's DAX eased up 0.05%, while the FTSE 100 added 0.2%.