UK house prices surprisingly resilient, Nationwide says

Thursday, 1 December 2011

UK house prices surprisingly resilient, Nationwide says

Why are house prices apparently so resistant to the normal laws of supply and demand?

UK house prices have remained "surprisingly resilient" in recent months, with values rising again in November, the Nationwide has said.

This was a 1.6% year-on-year increase, according to the figures based on Nationwide's own mortgage data.

Meanwhile, the number of mortgages approved for house purchase, but not yet completed, has risen slightly to its highest level for nearly two years.

The Bank of England said there were 52,743 approvals in October, up from 51,193 the previous month and the highest monthly total since December 2009.

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Source: BBC Business News http://www.bbc.co.uk/news/business-15929065

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