Nationwide: UK house prices up for seventh straight month
House prices in Britain rose another 0.5% in November, putting them up 2.7% year-on-year. This is the seventh consecutive month of gains. All of the charts are looking spectacularly good. The only fly in the ointment is employment. Let’s see what the Halifax says in a few days because their numbers have not been as upbeat as Nationwide’s.
I like the British habit of calling house price gains “house price inflation.” It’s a hold over from the retail price index days when house prices were included in the standard measure of inflation. But given the unsustainability of the rise in asset prices of late, it seems fitting to look at this as a tax (inflation) instead of increases in wealth (gains).
House Prices Edge Up Further In November – Nationwide