LONDON (MNI) – UK house prices nudged up in November, rising by
0.4% from October – putting prices 1.6% higher than a year ago, despite
a clear weakening of the UK’s economic outlook.
The Nationwide data showed house prices up 0.4% on the month and up
1.6% on the year. That compares with the monthly rise in October when
prices rose by 0.8% on the year.
The Nationwide data, based on mortgage figures, highlight the
disconnect between monthly asking price surveys and mortgage based ones.
The November Rightmove survey found UK house asking prices fell at
their fastest monthly rate for almost four year, dropping 3.1% on the
month.
The Nationwide and the rival Halifax house price surveys have
tended to show house prices bobbing up and down month-by-month, with
yearly rates showing gentle inflation at best.
Commenting on the figures, Robert Gardner, Nationwide’s Chief
Economist, said:
“House prices have remained surprisingly resilient in recent
months, despite the deterioration in the economic outlook. But, 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.”
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]
