- Prior +0.3%; revised to +0.2%
UK house prices continue to pick up on a monthly basis, with the average house price now seen at £272,998. On an annual basis though, prices are softening slightly to 1.8% year-on-year but overall conditions remain fairly steady in the housing market. Nationwide notes that:
“November saw a slight softening in the rate of annual house price growth to 1.8%, from 2.4% in October. However, prices increased by 0.3% month on month, after taking account of seasonal effects.
“The housing market has remained fairly stable in recent months, with house prices rising at a modest pace and the number of mortgages approved for house purchase maintained at similar levels to those prevailing before the pandemic.
“Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs.
This article was written by Justin Low at investinglive.com.