House prices in the United Kingdom decreased by 2% year-on-year in November, according to the Nationwide House Price Index report released on Friday. On a monthly basis, the index was up 0.2%.
The average house price in the country was estimated at £258,557, a decline from £259,423 observed the previous month.
"While mortgage rates are unlikely to return to the lows prevailing in the aftermath of the pandemic, modestly lower borrowing costs, together with solid rates of income growth and weak/negative house price growth, should help underpin a modest rise in activity in the quarters ahead," Nationwide Chief Economist Robert Gardner said in the report.
