Residential property prices in the U.K increased at notably faster rate in November, and the rate of growth exceeded economists’ forecast, data released by the Office for National Statistics showed Tuesday.
The house price index increased 2.1 percent on an annual basis in November, faster than the 1.5 percent gain recorded in October. Economists had forecast a more modest increase of 1.6 percent. The latest growth was the fastest since June, when prices increased by 2.3 percent.
The annual growth in prices reflected a 2.5 percent rise in England and a 0.8 percent gain in n Wales, which were offset by declines of 1.1 percent and 8.5 percent respectively in in Scotland and Northern Ireland.
Prices paid by first-time buyers increased on average 2.7 percent than a year earlier, while prices of owner-occupied homes increased by 1.9 percent during the month.
On a monthly basis, the house price index moved up 0.5 percent in November, after rising 0.2 percent in October, data showed.
by RTT Staff Writer
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