"Housing market activity levels have remained relatively weak in recent months"
- Robert Gardner, chief economist at Nationwide
Britain's house price inflation cooled to the lowest level in 11 months in November, as the property market continues to lose steam, the UK's second largest mortgage lender Nationwide reported. House prices climbed 8.5% in the year to November, the smallest rise since December 2013 and compared with near 10-year high of 11.8% recorded in June. Price growth in the three months through November dropped to 0.9%, the lowest since June 2013. The average house price in November was 189,388 pounds, Nationwide said. Activity in the British housing market and price gains have been slowing since the middle of the year, partly due to tougher mortgage rules. Earlier this month, the Royal Institution of Chartered Surveyors said its index of new-byer demand has declined to the lowest level in six years. UK's economy is projected to be the fastest growing among the G7 nations this year, though wage growth still remains weak, making houses hard to afford for many British workers.
A separate report showed UK consumer confidence remained intact as Britons' readiness to make big purchases compensated deterioration in their outlook for the economy. Gfk consumer confidence was at –2, while the economic index came in at the weakest level since 2013.
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