The
annual
pace
of
decline
in
UK
house
prices
eased
somewhat
in
November,
as
house
prices
rose
on
a
monthly
basis,
according
to
new
data
from
Nationwide
on
Friday.
On
a
seasonally
adjusted
basis,
UK
house
prices
rose
by
0.2%
in
November
from
October,
with
growth
slowing
slightly
from
a
0.9%
on-month
rise
in
October.
On
an
annual
basis,
prices
were
2.0%
lower
in
November,
slowing
from
the
3.3%
fall
in
October.
The
average
house
price,
without
seasonal
adjustment,
was
£258,557
in
November,
down
from
£259,423
in
October.
Robert
Gardner,
Nationwide’s
chief
economist,
says:
“there
has
been
a
significant
change
in
market
expectations
for
the
future
path
of
Bank
Rate
in
recent
months
which,
if
sustained,
could
provide
much
needed
support
for
housing
market
activity.”
London-listed
housebuilders
were
marginally
higher
following
the
data.
Berkeley
Group
(BKG)
was
up
1.82%,
Persimmon
(PSN)
rose
by
1.44%
and
Taylor
Wimpey
(TW.)
was
up
1.41%.
Alice
Haine,
personal
finance
expert
at
Bestinvest,
says
first-time
buyers
can
be
hopeful
about
better
purchase
prices,
though
interest
rates
on
mortgages
may
remain
high
for
some
time.
“Better
deals certainly
offer
hope
to
first-time
buyers
that
their
dream
of
property
ownership
may
finally
become
a
reality,”
she
says.
“Where
prices
go
from
here will
depend
on
the
dampening
effect
14
interest
rate
rises
have
on
people’s
disposable
incomes
and
how
soon
the
BoE
cuts
the
headline
interest
rate
–
a
move
Governor
Andrew
Bailey
stresses
won’t
happen
for
some
time.
“For
now,
interest
rates
of
5.25%
are
still
sky-high
in
comparison
to
two
years
ago,
just
before
the
BoE
first
began
its
tightening
cycle.”
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