An artist impression of London City Island bird's eye view by EcoWorld Ballymore located south of the Thames, London. - Filepic
LONDON: UK house-price growth was subdued last month as home values in London and the south west continued to fall, according to Nationwide Building Society.
Values in Britain rose 0.5% from a year earlier, a seventh month of sub-1% gains, the lender said Tuesday. On the month, prices increased 0.1% to an average of 216,515 pounds ($274,000).
The uncertainty arising from Britain’s departure from the European Union has weighed on the housing market for the past year, especially in London. Still, record employment and historically low interest rates are underpinning prices.
"‘While healthy labor market conditions and low borrowing costs will provideunderlying support, uncertainty is likely to continue to act as a drag on sentiment and activity, with price growth and transaction levels remaining close to current levels over thecoming months,” said Robert Gardner, Nationwide’s chief economist. - Bloomberg
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