UK house prices rose unexpectedly for a third month, one of the country’s biggest mortgage lenders said, as a dip in borrowing costs helped revive activity.
The average cost of a home edged 0.2% higher in November from the month earlier to £258,557 ($326,870), Nationwide Building Society said. Economists had expected a drop of 0.4%. From a year ago, prices fell 2%, which was the strongest reading in nine months.
“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,” Nationwide Chief Economist Robert Gardner said in a report Friday.
--With assistance from Mark Evans.
