LONDON (dpa-AFX) - UK house prices rose at a faster pace in January, marking the strongest start to the year for 17 years, survey data from the Nationwide Building Society showed Tuesday.
The house price index rose 11.2 percent year-on-year following a 10.4 percent increase in the previous month. Economists had forecast 10.8 percent gain.
The rate of growth in house prices was the fastest since June last year.
On a monthly basis, house price rose for a sixth month in a row, up 0.8 percent in January versus 1.0 percent in December. Economists had expected a monthly growth of 0.6 percent.
The average price of a UK home rose to GBP 255,556 from GBP 254,822 in the previous month.
'While the outlook remains uncertain, it is likely that the housing market will slow this year,' Nationwide Chief Economist Robert Gardner said.
'House price growth has outstripped earnings growth by a wide margin since the pandemic struck and, as a result, housing affordability has become less favorable.'
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