UK house prices show first annual rise in a year - Nationwide

LONDON Thu Mar 28, 2013 7:42am GMT

A woman walks past a new residential property development in London, March 21, 2013. REUTERS/Neil Hall

A woman walks past a new residential property development in London, March 21, 2013.

Credit: Reuters/Neil Hall

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LONDON (Reuters) - British house prices were 0.8 percent higher this month than a year ago, data from mortgage lender Nationwide showed on Thursday, the first time prices have risen in annual terms since February 2012.

Over the month house prices were flat.

Although housing turnover remains little more than half its peak level of 2007, prices appear to have stabilised. Rival lender Halifax turned more upbeat on the market earlier this month and is forecasting "low single digit" gains for 2013 as a whole.

Nationwide said property prices were being supported by robust employment growth, more attractive mortgage rates and a lack of new homes coming on the market.

London remained the best performing regional market with prices at a new record high. The worst performing region was Scotland.

(Reporting by Christina Fincher; Editing by Hugh Lawson)

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