Nationwide: House prices flat in November

By the Press Association

The Press Assocation

The Press Association is a news wire with a large reporting team. We use it for additional stories on mainstream issues. Views represented do not necessarily reflect those of MoneySavingExpert.com.


29 November 2012

House prices were flat month-on-month in November and are likely to stay that way or edge slightly lower over the next year, Nationwide says today.

The average UK house price stands at £163,853, showing a 1.2% decline on a year ago. Prices have been dropping on an annual basis for nine months in a row, the building society adds.

Related MSE Guides

Free House Price Valuations

Tons of tools to investigate a property

The Remortgage Guide

Free PDF guide to home loans

Free First Time Buyers' Mortgage Booklet

The 0% month-on-month change in November follows a small 0.6% monthly increase recorded by the study in October.

Robert Gardner, Nationwide chief economist, says the performance of the housing market is strongly linked to employment, and wage growth is likely to remain under downward pressure as competition for jobs remains strong in the coming months.

He says: "This supports our view that house prices are likely to remain broadly flat or decline modestly over the next 12 months."

The report follows the Land Registry's house price figures for the month of October, which were released yesterday, and showed the patchy state of the housing market across the country.

The Land Registry report showed prices grew by 7% year-on-year in London but dropped by almost 6% in the north-east of England.

Comment/Discuss

Discuss this MSE news story: House prices flat

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.