UK House Prices Fall Back to Double Digit Growth–Nationwide

Source: Nationwide

UK house prices edge down to double-digit percentage growth after a short-term pause at the end of the stamp duty holiday in September. FTSE 100 up 1.38%, GBP USD up +0.22%

• House Price Index posted price growth of 10% in November, reaching higher than 9.9% posted in October.
• The average price of a UK house is now at £252,687, nearly 15% than pre-pandemic levels.
• Robert Gardner, Nationwide’s Chief Economist, stated that there are indicators of cooling in housing market activity in the last few months.
• Gardner further stated that underlying activity appears to be holding up strongly. The number of mortgages approved for house purchases in October was above the 2019 monthly average.
• Gardner stated he expects the market to remain “fairly buoyant” in the months ahead but noted, “rising rates might exert a cooling impact on the market.”