MNI BRIEF: UK House Price Growth At 6-yr High: Nationwide

UK house prices rose 6.5% in the year to November, the fastest rate of growth since January 2015, the Nationwide Building Society said Tuesday. Despite the headwinds of a weaker labour market, prices were buoyed by pandemic-triggered behavioral shifts and the boost of a Stamp Duty break. Prices rose 0.9% month-on-month.

"Despite these headwinds, housing market activity has remained robust. October saw property transactions rise to 105,600, the highest level since 2016, while mortgage approvals for house purchase in the same month were at their highest level since 2007 at around 97,500," the Nationwide's Chief Economist Robert Gardner said.

"Housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March," he added.