U.K. house prices declined unexpectedly in November, survey data from the Lloyds Banking Group’s Halifax division showed Tuesday.
House prices slid 0.2 percent in November from October, when it grew 1 percent. Economists had forecast a 0.2 percent rise for November.
Prices in the three months to November advanced 9 percent from same period a year earlier compared to a 9.7 percent rise in three months to October. The annual growth was expected to slow slightly to 9.5 percent.
During September to November, house prices climbed 1.4 percent from the preceding three months. This was the smallest rise since December 2014.
“Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year,” Martin Ellis, Halifax housing economist, said.
“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term,” the economist added.
The material has been provided by InstaForex Company – www.instaforex.com