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Britian's housing recovery gains momentum

By Religare

Home prices in the UK rose for a second month running in June 2013 as demand improves, signaling a pickup in Britain's housing recovery, lifting the outlook for the UK economy, which is back in expansion mode.

UK home prices rose 0.3 per cent in June 2013 over the previous month, the Nationwide Building Society said in a report on Friday.

In May 2013, home prices rose 0.4 per cent over the previous month.


The average value of a home in the UK rose 1.9 per cent to 168,941 pounds in June 2013 over the same month a year ago.

With the economy out of a recession, sentiment among potential buyers has improved.

Improvement in labour market conditions and mortgage affordability has boosted the demand for homes in the UK.

The cost of credit has come down in recent months as the Bank of England (BOE) extended its lending for funding scheme by one more year targeted at bolstering cheap credit to households.

The UK government in its recent budget also unveiled guarantee plans for new mortgages to help a revival in the housing industry.

"Demand for homes has been supported by further modest gains in employment, as well as an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures," the Nationwide Building Society said.

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Story first published: Friday, June 28, 2013, 22:52 [IST]
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