UK DATA: Nationwide House Prices; -0.3% m/m, +0.4% y/y.
Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist,
said: “The recent trend of modestly falling house prices continued
during November, with the price of a typical UK property declining by
0.3% on a seasonally adjusted basis between October and November. The
three month on three month rate of change – a smoother measure of the
recent price trend – rose from -1.5% to -1.3%. This remains well above
the deeply negative rates of -5% to -6% that prevailed during the most
severe phase of the downturn in 2008. The annual rate of change, which
compares house prices to their level 12 months ago, fell from 1.4% to
0.4% and suggests that house prices are essentially unchanged from a
year earlier.