UK house prices climb 0.6%
Nov 2, 2012
Housing market begins to show signs of life as average selling price raises by 0.6%
The moribund housing market in the UK began to show signs of life last month, reports The Daily Telegraph, as the average selling price of homes rose by 0.6 per cent in October, according to the Nationwide building society. The data, which comes on the heels of a 0.4 per cent drop in September, reflects the volatility in the housing market, according to the Nationwide's chief economist Robert Gardner, and puts the average selling price of a house in the UK at £164,153. Gardner said: "The annual pace of change continues to display a picture of relative stability, with house prices down just 0.9 per cent compared to October 2011" but warned that prices were unlikely to "gather momentum" until wages began to grow at the same rate as the cost of living.
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