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Annual house price growth continues to slow, says Nationwide

The latest house price index by Nationwide showed that house prices increased by 0.1% in November, causing annual house price growth to slow to 4.4% from 4.6% in October.

Robert Gardner, Nationwide’s chief economist, said: “UK house prices increased by 0.1% in November, after taking account of seasonal factors. As a result, the annual rate of house price growth slowed slightly to 4.4%, from 4.6% in October, though this is still in line with the growth rates prevailing since early 2015.

“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.”

Alex Gosling, CEO at HouseSimple, commented: “Apart from the monthly price rise, all trends are downwards, which suggests the housing market has caught a cold. But actually, that’s not the case. The market is in surprisingly good health considering the headwinds it’s had to face in the second half of the year.”

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