Investing.com - U.K. house prices rose more-than-expected in February, increasing for the first time in three months, industry data showed on Thursday.
In a report, U.K. mortgage lender Nationwide said its house price index rose 0.6% in February, doubling expectations for a 0.3% increase.
U.K. house prices fell by 0.3% in January, whose figure was revised from a previously reported decline of 0.2%.
Year-on-year, home prices in the U.K. rose at an annualized rate of 0.9% in February, easily surpassing expectations for a 0.3% increase, after rising by 0.6% in the preceding month.
Commenting on the report, Nationwide's chief economist Robert Gardner said, “Evidence that house prices picked up a little in February follows a series of data releases suggesting that economic conditions may not be quite as weak as feared after the U.K. economy contracted in the final quarter of 2011.”
“Measures of activity in the housing market have also picked up, however, it remains to be seen whether this trend will be sustained,” Mr. Gardner added.
Following the release of the data, the pound was flat against the U.S. dollar, trading at 1.5918.
Meanwhile, the outlook for European stock markets was modestly downbeat. The EURO STOXX 50 futures pointed to a flat open, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures edged 0.1% lower, while Germany's DAX futures dipped 0.15%.
In a report, U.K. mortgage lender Nationwide said its house price index rose 0.6% in February, doubling expectations for a 0.3% increase.
U.K. house prices fell by 0.3% in January, whose figure was revised from a previously reported decline of 0.2%.
Year-on-year, home prices in the U.K. rose at an annualized rate of 0.9% in February, easily surpassing expectations for a 0.3% increase, after rising by 0.6% in the preceding month.
Commenting on the report, Nationwide's chief economist Robert Gardner said, “Evidence that house prices picked up a little in February follows a series of data releases suggesting that economic conditions may not be quite as weak as feared after the U.K. economy contracted in the final quarter of 2011.”
“Measures of activity in the housing market have also picked up, however, it remains to be seen whether this trend will be sustained,” Mr. Gardner added.
Following the release of the data, the pound was flat against the U.S. dollar, trading at 1.5918.
Meanwhile, the outlook for European stock markets was modestly downbeat. The EURO STOXX 50 futures pointed to a flat open, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures edged 0.1% lower, while Germany's DAX futures dipped 0.15%.