Investing.com - U.K. house prices rose more-than-expected in October, offsetting the previous month’s decline, industry data showed on Thursday.
In a report, U.K. mortgage lender Nationwide said its house price index rose 0.6% in October, beating expectations for a 0.2% increase. U.K. house prices fell by 0.4% in September.
Year-on-year, home prices in the U.K. fell at an annualized rate of 0.9% in October, compared to expectations for a 1.2% decline, after falling 1.4% in the preceding month.
Commenting on the report, Nationwide's chief economist Robert Gardner said, “Monthly price changes have failed to establish a strong trend in either direction over the past six months, with three months of increases and three months of price declines since May 2012.”
Following the release of the data, the pound was little changed against the U.S. dollar, with GBP/USD easing up 0.01% to trade at 1.6132.
Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.4% at the open, France’s CAC 40 futures dipped 0.25%, London’s FTSE 100 futures dropped 0.95%, while Germany's DAX futures pointed to a decline of 0.2% at the open.
In a report, U.K. mortgage lender Nationwide said its house price index rose 0.6% in October, beating expectations for a 0.2% increase. U.K. house prices fell by 0.4% in September.
Year-on-year, home prices in the U.K. fell at an annualized rate of 0.9% in October, compared to expectations for a 1.2% decline, after falling 1.4% in the preceding month.
Commenting on the report, Nationwide's chief economist Robert Gardner said, “Monthly price changes have failed to establish a strong trend in either direction over the past six months, with three months of increases and three months of price declines since May 2012.”
Following the release of the data, the pound was little changed against the U.S. dollar, with GBP/USD easing up 0.01% to trade at 1.6132.
Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.4% at the open, France’s CAC 40 futures dipped 0.25%, London’s FTSE 100 futures dropped 0.95%, while Germany's DAX futures pointed to a decline of 0.2% at the open.