January 28, 2022

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House prices in the UK accelerated their growth rate unexpectedly in November

House prices in the UK accelerated their growth rate unexpectedly in November

LONDON, Dec 1 (DASR) – House prices rose last month in the UK, surprising markets where growth was expected to slow. This is shown by the results of a survey by the Nationwide Building Society, one of the largest mortgage lenders in the country.

Nationwide, house prices in Britain rose 10% in November compared to the same period last year. In October, the growth rate reached 9.9%. Economists expect growth to slow to 9.3%.

Home prices in the UK rose 0.9% in October after rising 0.7% in the previous month. Even so, owning one is still beyond the reach of the average person. They expected price growth to slow to 0.5%.

According to Robert Gardner, chief economist at the national level, house prices in Britain are now almost 15% higher than in March last year, when a new corona virus outbreak occurred. The real estate activity is still high, but Gardner says the vision is uncertain. “In particular, the impact of the new Omigron corona virus variant on the overall economy is unclear.” Said the economist. “On the other hand, if economic conditions continue to improve, rising real estate rates will cool the market.” Total Gardner.

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