MNI DATA: UK Nationwide House Prices Edge Higher In November

--UK Nationwide house price index +0.3% m/m, 1.9% y/y

--Annual House Prices Bounce From October Low

     LONDON (MNI) - UK house prices edged higher in November, although annual

growth remains close recent lows, the latest Nationwide House Price Index

showed.

     On month, the Index rose 0.3% in November, beating the 0.0% seen in

October. The annual rate was 1.9%, bouncing from the 1.6% seen in October  -- a

5-year low.

     Annual house price growth in the Nationwide series had registered between

2-3% since May 2017, but dipped below with the October data.

     "While house price growth picked up a little in November, it remained

relatively subdued at 1.9%, up from 1.6% the previous month," Nationwide's Chief

Economist, Robert Gardner, said.

     Gardner added that future house price growth will largely depend on the

UK's economic performance, as well as monetary conditions.

     "Looking forward, much will depend on how broader economic conditions

evolve. In the near term, the squeeze on household budgets and the uncertain

economic outlook is likely to continue to dampen demand, even though borrowing

costs remain low and the unemployment rate is near 40-year lows," he added.

     "If the uncertainty lifts in the months ahead and employment continues to

rise, there is scope for activity to pick-up through next year. The squeeze on

household incomes is already moderating and policymakers have signalled that, if

the economy performs as they expect, interest rates are only expected to rise at

a modest pace and to a limited extent in the years ahead," he added.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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