House prices resilient in face of economic pressure

British house prices rose fractionally by 0.4% in November, according to the latest data from Nationwide.

Chief Economist Robert Gardner said: “UK house prices increased by 0.4% in November, taking the annual rate of growth to 1.6%, up from 0.8% the previous month. The price of a typical home is now £165,798. Mean while London again bucked the trend showing a month on month increase of 4%.

“House prices have remained surprisingly resilient in recent months, despite the deterioration in the economic outlook.