PwC comment on ONS house price data: Small dip in London house prices, but UK picture remains strong

Published at 10:33 AM on 13 October 2015

 Commenting on the ONS house price figures out today, Richard Snook, senior economist, PwC, said:

“Momentum remains strong in the UK housing market as the average price of home rose from £282,000 in July to £284,000 in August. This takes prices 5.2% higher than a year ago, the same growth rate as the month before.  The market is being supported by the UK consumer who is buoyed by real earnings growing at the fastest pace since 2009.

“London experienced a slight dip in prices which fell on average from £525,000 in July to £522,000 in August. However, strong growth in the capital over the spring and summer mean that prices are still 4.2% higher than last August.

“The figures show a robust housing market, providing further ammunition for those calling for an interest rate rise in the near term. With inflation likely to rise over the coming months as last winter’s energy price decline drops out of the equation, we expect pressure to continue to build on the MPC.”

Ends

 

Gill Carson
PwC | Media Relations Manager
Office: 020 7212 1391 | Mobile: 07837 285466
Email: [email protected]
PricewaterhouseCoopers LLP
twitter: @gill_carson
http://www.pwc.com/


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