UK house prices rose by 0.9% in December
UK house prices rose by 0.9% in December beating market expectations on a smaller incline by 0.3%. House prices in the final three months of 2014 were 0.3% higher than in the preceding three months. The quarterly rate of increase has now fallen for five successive months. Annual price growth also eased further, to 7.8% in December. This compares with a peak of 10.2% in July.
"We expect a further moderation in house price growth over the coming year with prices nationally predicted to increase in a range of 3 to 5% in 2015. Housing demand, however, should continue to be supported by a growing economy, rising employment levels, still low mortgage rates and the first gain in ‘real’ earnings for several years," Martin Ellis, housing economist, said.
Data had no impact on Sterling which is currently being traded slightly above 1.5050 level. Pair is likely to find support around 1.50 area and resistance above 1.51 level. Later today, BoE will release its interest rate decision.
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