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UK house prices rise in December, says Nationwide

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Staff Writer | December 29, 2016
UK house prices rose more than expected in December, according to the latest figures from mortgage lender Nationwide.
UK house price
Britain   House prices were up 0.8%
Annual house price growth came in at 4.5%, up from 4.4% in November and beating expectations of 3.8% growth.

On the month, house prices were up 0.8% having been flat in November, and ahead of expectations for 0.2% growth.

Meanwhile, the average house price was £205,898 versus £204,947 last month. Nationwide said house prices are expected to rise about 2% next year, depending on the economy.

Robert Gardner, Nationwide's chief economist, said: "Looking ahead to 2017, house price prospects will depend crucially on developments in the wider economy, around which there is a greater degree of uncertainty than usual.

"Like most forecasters, including the Bank of England, we expect the UK economy to slow modestly next year, which is likely to result in less robust labour market conditions and modestly slower house price growth.

"But we continue to think a small gain - around two percent - is more likely than a decline over 2017 as a whole, since low interest rates are expected to help underpin demand while a shortage of homes on the market will continue to provide support for house prices."