Nationwide – House prices see 0.5% uplift in November
UK house prices saw a 0.5% monthly rise in November, while annual growth remained subdued at 0.8%, according to the latest Nationwide house price index.
Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth remained below 1% for the 12th month in a row in November, at 0.8%, though this was the strongest outturn since April.
“Indicators of UK economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensification of Brexit uncertainty. To date, the slowdown has largely centred on business investment, while household spending has been more resilient.”
Jonathan Samuels, CEO of Octane Capital, commented: “The property market is hardly all guns-blazing but neither has it given up the ghost.
“Ultra-low borrowing rates and a deep-seated boredom around Brexit mean transaction levels continue to tick over. People have said enough is enough and are getting on with their lives, something that really shone through in November.
“While broader economic trends have dominated house price movements around elections in the past, this General Election has a whole new level of significance and could have a material impact on price trends in 2020 and beyond.”
Source: Financial Reporter