U.K. house price growth softened in November, data published by the Nationwide Building Society showed Friday.
House prices advanced at a pace of 3.7 percent year-on-year in November, following October’s 3.9 percent increase. It was the weakest increase since August when prices climbed 3.2 percent.
Likewise, monthly growth eased to 0.1 percent from 0.5 percent a month ago.
House price growth fluctuated in a fairly narrow range between 3 and 4 percent over the past six months, which was broadly consistent with earnings growth over the longer term, Robert Gardner, Nationwide’s chief economist, noted.
“While this bodes well for a sustainable increase in housing market activity in the period ahead, much will depend on whether building activity can keep pace with increasing demand,” the economist said.
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