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Tuesday, official data showed that U.K. house prices rose on an annual basis for the second month in a row.
House prices rose a seasonally adjusted 2.9% year-on-year in December, faster than the 0.5% rise in November, data released by the Communities and Local Government showed. Economists were looking for a 1.2% rise.
Month-on-month, house prices grew 0.8% in December, slower than the 1.7% rise in the previous month. Eight consecutive month-on-month rises in the U.K. house price index have resulted in an increase over the year to December, the office said.
The mix-adjusted average house price stood at a not-seasonally adjusted GBP 200,307 in December, higher than November's 200,255. For the quarter ending December, house prices rose 2.9% compared to a larger gain of 3.1% in the previous three months ending September.
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