LONDRA (CIHAN)- House prices in
It was the largest month-on-month gain reported by
House prices in the three months to May were 2 percent higher than in the three months to February, according to the lender. The quarter-on-quarter price change was a more reliable indicator of the underlying trend compared to the monthly price movement, it said.
House price changes with this measure remained steady in a narrow range of 1.9 percent to 2.3 percent since
Annually prices were 8.7 percent higher in the three months to May than in the same period last year.
"On an annual basis, housing demand is still strong and continues to be supported by a strengthening economic recovery. Consumer confidence is being boosted by a rapidly improving labor market and low interest rates, although growth in average earnings still remains weak," said
"However, there are signs of a revival in housebuilding which should bring supply and demand into better balance and curb upwards pressure on prices over the medium and longer term," he added.
He said that whether they will take any action to cool the housing market, to prevent it posing a risk to financial stability, was still uncertain. The British government signalled they were committed to both aspects of the "Help to Buy" scheme during Wednesday's Queen's speech, which will make any recommendation to scale back the scheme more contentious.
"The news that mortgage approvals have dropped for three months in a row may convince the committee to hold back," he added. Enditem (Cihan/Xinhua)
Most Popular Stories
- Small-Business Loans Fueling Economic Growth
- Comic-Con Offers Toy Designers a Chance to Go Wild
- Google Chrome Bug Draining Batteries: Report
- Tesco Head Steps Down After Profit Warning
- Want a Job? Try Minneapolis
- Clinton Wants U.S., E.U. to Get Tough on Russia
- Startup Makes It Easier to Buy American
- GM Looking for Ignition Fix for Certain Cadillacs
- BlackBerry Appoints New COO from LiveOps Inc.
- U.S. Stocks Start the Week on Shaky Ground