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UK Property Prices Rise in November

Source: zoopla.co.uk

UK property prices rose slightly in November, according to the Nationwide House Price Index report.

According to the data, house prices increased by 0.4% in November, with the price of a typical home now 1.6% higher than it was one year ago.

Commenting on the figures, industry analyst and property expert Jes Conway said the figures show that house prices are becoming resilient to the economic climate.

"My observation is that the headline figure may be skewed by the fact that prices in London are very buoyant. This is driven by bonus money and non-domiciles seeking prime London property, whether as an investment or for residential use," he explained.

The speacialist said that elsewhere there are not many properties coming onto the market, so scarcity of supply may 'underpin' asking prices.

Overall, housing market predictions mask 'wide regional variations', Mr Conway noted, but added that he suspects house prices in general will stagnate over the next year, with the North perhaps faring worse than the South in general.

He explained vendors may need to be more realistic about what their property will fetch if they are serious about selling, which can help to boost the prospect of the house being bought.