United Kingdom: House prices barely increase in November
December 1, 2015
In November, home prices in the U.K. rose 0.1% over the previous month, which followed the 0.6% increase observed in October, according to the Nationwide Building Society (NBS). October’s figure had marked a six-month high. On an annual basis, home prices rose 3.7% (October: +3.9% year-on-year). The average house price was GBP 196,305 (October 2015: GBP 196,807).
According to the NBS, “the annual rate of house price growth has fluctuated in a fairly narrow range between 3% and 4% over the past six months, which is broadly consistent with earnings growth over the longer term.”
According to the Q3 2015 quarterly release, NBS data showed that, geographically speaking, the strongest increases in prices are in the city of London, where the average house price rose 10.6% year-on-year. This is markedly higher than the 3.7% rise that has been recorded in the U.K. as a whole. The regions other than London that saw higher-than-average price increases were: Outer Metropolitan, Northern Ireland and Outer South East.
Author: Dirina Mançellari, Senior Economist