U.K. house prices increased more than expected in July, reversing the last month's decline, data showed Wednesday.
House prices grew 1.4 percent in July from the prior month, survey data from Halifax showed. Economists had forecast a 0.4 percent rise in July after falling by revised 0.4 percent in June.
Halifax said monthly movements tend to be volatile. Since last December there have been four monthly price increases and four price falls.
In three months to July, house prices were 3.6 percent higher than in the preceding three months. On a yearly basis, prices continued its upward trend. Prices advanced 10.2 percent from the same period of last year.
Stephen Noakes, Mortgages Director, said, "While supply remains low, housing demand continues to be supported by a continuing economic recovery, growth in employment, improving consumer confidence and low mortgage rates."
"However, earnings growth is still lagging behind consumer price inflation," Noakes said.
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