House prices in Britain decline in November

House prices in Britain declined unexpectedly in November, figures released on Tuesday showed.

According to figure released by mortgage lender Halifax, house prices fell 0.2% month-on-month in November compared with an upwardly revised 1% gain in the previous month and analysts’ expectations for a 0.2% advance.

On a year-on-year basis, house prices rose 9%, falling short of October’s 9.7% gain and missing analysts’ expectations for a 9.5% increase.

However, house prices rose 1.4% quarter-on-quarter in the three months to November, while the average price of a house in Britain stood at £204,552.

“Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year,” said Halifax housing economist Martin Ellis.

“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.”