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UK house prices rose 2.7% on a yearly basis in November, faster than the 2% increase in October and consensus forecast of 2.4%, the Nationwide Building Society said Tuesday. Month-on-month, house prices climbed 0.5%, the same rate as in October. Economists were looking for a monthly increase of 0.4%. Average house prices in November stood at GBP 162,764 compared to GBP 162,038 in the prior month.
Martin Gahbauer, Nationwide's Chief Economist said, "The outlook for the housing market remains crucially dependent on labor market conditions, and here recent developments have been somewhat more encouraging than might have been expected." Although unemployment increased noticeably, the rise was not as rapid and pronounced as previously feared. Based on the latest labor market figures from September, it now looks unlikely that the jobless total will reach three million before the year is up, said Gahbauer.
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