LONDON (dpa-AFX) - UK house price inflation doubled in August but continued to remain below 1 percent, data from Nationwide Building Society showed Friday.
House prices increased 0.6 percent year-on-year in August, following a 0.3 percent rise in July. Nonetheless, this was slightly slower than the expected 0.7 percent increase and the rate was below 1 percent for the ninth straight month.
On a monthly basis, house prices remained flat in August versus July's 0.3 percent increase. Economists had forecast a 0.1 percent rise.
While house price growth has remained fairly stable, there have been mixed signals from the property market in recent months, Robert Gardner, Nationwide's chief economist, said.
Housing market trends will remain heavily dependent on developments in the broader economy, the economist noted.
In the near term, healthy labor market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity, Gardner added.
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