Investing.com – U.K. house prices fell less-than-expected in November, industry data showed on Wednesday.
In a report, U.K. mortgage lender Nationwide said its house price index fell by a seasonally adjusted 0.3% in November, after declining by 0.7% in October.
Analysts had expected the house price index to decline by 0.4% in November.
Year-on-year, the report showed that annualized seasonally adjusted home prices in the U.K. rose by 0.4% in November, after rising by 1.4% in October. Analysts had expected year-on-year home prices to increase by 0.5% in November.
Commenting on the report, Nationwide's chief economist Martin Gahbauer said, "Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010.”
He added, “There are early signs that the flow of new property onto the market may be slowing down.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD adding 0.10% to hit 1.5579.
Meanwhile, the outlook for European stock markets was upbeat. The FTSE 100 futures pointed a rise of 0.51%, the EURO STOXX 50 futures indicated a gain 0.56%, France’s CAC 40 futures pointed to an increase of 0.61%, while Germany's DAX futures added 0.72%.
In a report, U.K. mortgage lender Nationwide said its house price index fell by a seasonally adjusted 0.3% in November, after declining by 0.7% in October.
Analysts had expected the house price index to decline by 0.4% in November.
Year-on-year, the report showed that annualized seasonally adjusted home prices in the U.K. rose by 0.4% in November, after rising by 1.4% in October. Analysts had expected year-on-year home prices to increase by 0.5% in November.
Commenting on the report, Nationwide's chief economist Martin Gahbauer said, "Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010.”
He added, “There are early signs that the flow of new property onto the market may be slowing down.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD adding 0.10% to hit 1.5579.
Meanwhile, the outlook for European stock markets was upbeat. The FTSE 100 futures pointed a rise of 0.51%, the EURO STOXX 50 futures indicated a gain 0.56%, France’s CAC 40 futures pointed to an increase of 0.61%, while Germany's DAX futures added 0.72%.