(Nationwide) The UK posted a 10.0% increase in house prices in November from the prior year, a marginal gain from 9.9% recorded in October.
House prices now stand at 252,687 pounds in November, up from 250,311 pounds in the previous year.
On a month over month basis, house prices were up 0.9% in November.
Nationwide’s Chief Economist Robert Gardner says the housing market is cooling down, with the sector transactions last in October 30% below the prior year. Housing transactions in 2021 are still higher than those posted in the whole of last year.
Gardner says increasing interest rates in the wake of an inflationary environment may cool the housing market further, with the dwindling affordability also exerting pressure on home shoppers.
UK house prices are now close to 15% gain since March 2020 at the onset of the coronavirus.
FTSE 100 is up +1.28%, GBPUSD is up +0.08%.
