© Reuters. FILE PHOTO: A rainbow is seen over flats in Wandsworth on the River Thames as UK home costs proceed to fall, in London, Britain, August 26, 2023. REUTERS/Kevin Coombs/File Picture
LONDON (Reuters) -British home costs rose unexpectedly in month-to-month phrases for the third time working in November, including to indicators that the housing market downturn has abated, mortgage lender Nationwide stated on Friday.
Home costs rose by 0.2% on the month in November, after a 0.9% improve in October. A Reuters ballot of economists had pointed to a fall of 0.4%.
In contrast with a yr in the past, home costs have been 2% decrease – the smallest such drop in 9 months.
Britain’s housing market, which boomed in the course of the COVID-19 pandemic, had been hit by greater borrowing prices because the Financial institution of England battles the very best charge of inflation amongst giant superior economies.
“There has been a significant change in market expectations for the future path of Bank Rate in recent months which, if sustained, could provide much needed support for housing market activity,” stated Robert Gardner, chief economist at Nationwide.
