Home Sales in Britain Rise for Eighth Month
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British house prices rose for an eighth month in August as a shortage of properties continued to bolster values, a report from HBOS Plc showed.
The average cost of a home climbed 0.4% last month, compared with 0.8% in July, the British mortgage lender said in a statement.
Prices rose 11.4% in August from a year earlier, up from an 11.2% annual gain the previous month. The report suggests a shortage of housing is helping offset the impact of the Bank of England’s five interest-rate increases in a year. Policy makers may keep the key interest rate at a six-year high tomorrow as they gauge the effects of previous increases and financial market turbulence on the economy.
