British house prices ascend, although missing forecasts

In November, British house prices tacked on marginally, a bit below hopes and proceeding with the recent trend of small revenues.

In November, prices gained by a monthly 0.1%, as Nationwide Building Society's data disclosed, versus October's 0.2% surge as well as a forecast predicting a 0.2% leap. Versus November 2016, house prices inched up by 2.5%, which is the same as October's annual rate of surge.

The stable if moderate ascend in prices happens to be in line with the marginal hikes in annual house price surge numbers since March. Evidently, high employment as well as low mortgage rates, in addition to lack of supply in housing, backs demand, although prices are being suppressed by the squeeze on household incomes, which is keeping the rate of surge in rather a narrow range.

Additionally, the Nationwide data disclosed that the fresh Budget decision to cancel stamp duty for first time purchasers had rather a minor effect on prices because in many parts of Great Britain first time buyers were buying houses, falling under the last price threshold of GBP125,000.