UK house prices defy expectations with November expansion

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UK house prices unexpectedly grew again in November, according to the mortgage provider Nationwide, providing further evidence of stabilisation in the property market as high mortgage rates ease. 

House prices grew 0.2 per cent between October and November, following a 0.9 per cent expansion in the previous month and a marginal expansion in September, according to data published on Friday. Economists polled by Reuters had forecast a 0.4 per cent fall. 

Robert Gardner, Nationwide’s chief economist, noted “a significant change” in market expectations for the future path of interest rates “which, if sustained, could provide much needed support for housing market activity”.