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UK House Price Growth Doubles In November: Nationwide

UK house price growth doubled in November but remained below 1 percent, data from the Nationwide Building Society showed Thursday.

House prices increased 0.8 percent year-on-year in November, after rising 0.4 percent in October. Prices were forecast to rise only 0.2 percent. This was the fastest growth in seven months.

On a monthly basis, house price growth accelerated to 0.5 percent from 0.2 percent in October. Economists had expected a marginal 0.1 percent rise.

"Indicators of UK economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensification of Brexit uncertainty," Robert Gardner, Nationwide's chief economist, said.

To date, the slowdown has largely centered on business investment, while household spending has been more resilient, Gardner added.

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