UK house prices increased at a faster pace in January, data from Nationwide Building Society showed Wednesday.
House prices grew 1.9 percent year-on-year in January, following a 1.4 percent rise in December. Prices were expected to gain 1.5 percent. A similar faster growth was last reported in November 2018.
On a monthly basis, house price inflation accelerated to 0.5 percent from 0.1 percent a month ago. This was also above the forecast of 0.2 percent.
Looking ahead, economic developments will remain the key driver of housing market trends and house prices, Robert Gardner, Nationwide's chief economist, said.
"Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months," the economist added.