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House prices creep up in November: Nationwide

UK house prices edged up by 0.1 per cent month-on-month in November, according to Nationwide.

The lender’s latest house price index says house price growth was flat year-on-year, at 2.5 per cent.

The average non-seasonally adjusted house price was £209,998 in November, down from £211,085 in October.

(Source: Nationwide)

Nationwide chief economist Robert Gardner says: “Low mortgage rates and healthy rates of employment growth are providing support for demand, but this is being partly offset by pressure on household incomes, which appears to be weighing on confidence.

“The lack of homes on the market is providing support to house prices.”

North London estate agent Jeremy Leaf says: “These figures are mildly encouraging as we might have expected to see a small dip at the very least in both annual and monthly house prices bearing in mind the real threat of an increase in interest rates, the imminent Christmas holiday and continuing economic and political uncertainty.”

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