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29 November 2012

House prices hold steady in November

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by Gill Montia

House prices hold steady

UK house prices held steady during November, according to Nationwide, following a 0.6% increase in October.

The value of the typical home currently stands at £163,853 with prices down 1.2% year-on-year (October -0.9%) and having remained in negative territory for the ninth month in a row.

Nationwide’s chief economist, Robert Gardner, explains: “The predominant theme remains one of stability … annual price growth has remained in a narrow band between +1.5% and -1.5% on all but two occasions over the past two years.”

Looking ahead, Mr Gardner believes the ability of the economy to generate jobs will remain a key determinant of housing market conditions.

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