Conflicting reports suggest the only way is down for property prices

Conflicting reports suggest the only way is down for property prices

House prices rose for the third consecutive month in November, according to the latest monthly report from Nationwide.

The building society said prices rose by 0.4% over the past month leaving the average UK home worth £165,798. Year-on-year, prices rose by 1.6%. An impressive performance in the current climate, but some way short of the Consumer Prices Index measure of inflation which currently stands at 5%.

The rise in prices is due to a lack of supply rather than a pickup in demand, according to the Nationwide. The lender predicted that job losses, low consumer confidence and a tight mortgage market will hold back prices over the coming months.

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “House prices have remained surprisingly resilient in recent months, despite the deterioration in the economic outlook.