United Kingdom: House prices continue to rise in November
November 29, 2011
In November, the average price of a typical property in the U.K. increased a seasonally adjusted 0.4% over the previous month to GBP 165,798, according to data collected by the mortgage lender Nationwide Building Society (NBS). The reading followed an increase of the same magnitude in October and came in above market expectations that had house prices unchanged in November. On an annual basis, house prices increased 1.6%, which was above the 0.8% increase seen in October. According to the NBS, ?house prices have remained surprisingly resilient in recent months, despite the deterioration in the economic outlook?. However, they also add that ?with the UK economic recovery expected to remain sluggish well into 2012, house price growth is likely to remain soft, with prices moving sideways or drifting modestly lower over the next twelve months?. Compared to the peak reached in October 2007, prices were down 10.9%.