UK Home Prices Experience Fastest Rise in Two Years

According to Nationwide's data, house prices in the UK showed the fastest increase in two years in November. Nationwide reported that house prices rose by 3.7% year-on-year in November, higher than the 2.4% increase recorded the previous month, indicating the fastest annual growth rate since November 2022. House prices increased by 1.2% compared to the previous month, reaching an average of £268,144, just 1% below the all-time high in 2022. Economists had expected a 0.2% monthly increase and a 2.4% annual increase. Nationwide’s Chief Economist, Robert Gardner, stated: "Strong labor market conditions, with low unemployment levels and robust income growth, have helped to support the steady increase in activity and house prices since the beginning of the year, even after considering inflation. Household balance sheets are also in good shape, and debt levels are at their lowest relative to household income since the mid-2000s."