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Nationwide: UK annual house price growth picks up in January

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Nationwide: UK annual house price growth picks up in January

U.K. house prices grew by annual rate of 3.2% in January, up from 2.6% growth registered in December 2017, the Nationwide Building Society said.

On a seasonally adjusted basis, house prices gained 0.6% month over month in January, unchanged from December 2017. The average, unajusted house price rose to £211,756 from £211,156 over the period.

"The acceleration in annual house price growth is a little surprising, given signs of softening in the household sector in recent months," Nationwide Chief Economist Robert Gardner said, adding that mortgage approvals dropped to their weakest level for three years in December 2017.

"We continue to expect the U.K. economy to grow at modest pace, with annual growth of 1% to 1.5% in 2018 and 2019," he said. "Subdued economic activity and the ongoing squeeze on household budgets is likely to exert a modest drag on housing market activity and house price growth."