UK House Price Inflation Tops 1% For First Time In 12 Months

UK house price inflation exceeded 1 percent for the first time in 12 months in December, survey data from the Nationwide Building Society showed on Friday.

The house price index rose 1.4 percent year-on-year following a 0.8 percent climb in November. The inflation rate was the highest since November 2018, when it was 1.9 percent, and was in line with economists' expectations.

On a month-on-month basis, house prices edged up 0.1 percent in December after a 0.5 percent increase in the previous month. The monthly changed matched expectations.

In the three months to December, the house price index rose 0.8 percent year-on-year after a 0.3 percent increase in the September quarter. House prices grew 0.4 percent sequentially.

"Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next twelve months," Nationwide's Chief Economist Robert Gardner said.

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