November house prices stagnate - Nationwide
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The UK housing market ground to a halt this month, having jumped in October, proving further credence to reports that the market is levelling out.
The Nationwide building society said house prices were unchanged in November after leaping 1.3% in October, suggesting prices have bottomed out.
Recent figures for mortgage approvals, including the official report from the BoE today, show that while demand is increasing prices are staying where they are.
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The stagnant result takes the annual rate of increase down to just 2.4% having picked up to a healthier 3.3% in October.
The average price of a home, according to Nationwide, is £157,139 compared with £153,439 a year ago when inflation ran at 15%.
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