United Kingdom: Housing market remains muted in November
November 29, 2019
According to the Nationwide Building Society (NBS), house prices in the United Kingdom rose 0.5% month-on-month in November, up from October’s 0.2% increase. On an annual basis, house prices rose 0.8%, double October’s 0.4% rise but still marking the 12th consecutive month of annual price growth below 1.0%. The average house price in November was GBP 215,734 (November 2018: GBP 214,044). The overall picture is broadly unchanged, with weak consumer sentiment and Brexit uncertainty continuing to dampen the property sector.
The housing market is likely to stay subdued in the near-term on continued Brexit uncertainty, which has recently fed through to a softer job market. A resolution to the Brexit process will be key to boosting consumer sentiment and providing support to prices.
Author: Oliver Reynolds, Economist