Pace of annual house price growth slows in November

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The pace of annual house price growth slowed in the year to November, down to 4.4 per cent from 4.6 per cent in October, according to the latest Nationwide House Price Index.

House prices increased on a monthly basis, however, up 0.1 per cent to an average of £205,947 in November.

Nationwide’s chief economist Robert Gardner says: “There are some signs that, despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs.

“Mortgage approvals increased in October, and surveyors report that new buyer enquiries have increased modestly.

“The relatively low number of homes on the market and modest rates of housing construction are likely to keep the demand/supply balance fairly tight in the quarters ahead, even if economic conditions weaken, as most forecasters expect.”

Your Move & Reeds Rains executive director Adrian Gill says the fact that house price growth remained relatively flat last month should not be viewed as a cause for concern for the market.

“This period of calm represents a fantastic opportunity for those looking to get a foot onto the property ladder,” he says

“With so many lenders now offering record low mortgage rates, there has never been a better time to buy.”