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Official data shows British house prices rise 10 pct in Nov.

Xinhua, January 14, 2015 Adjust font size:

British house prices increased by 10.0 percent in the year to November 2014, down from 10.4 percent in the year to October 2014, according to the official data released on Tuesday.

On a seasonally adjusted basis, average house prices increased by 0.2 percent between October and November 2014, said the Office for National Statistics (ONS).

House prices continue to increase strongly across the majority of the country, with prices in London again showing the highest growth. The average house price in London was at 501,000 pounds (759,262 U.S. dollars) in November, down 2.5 percent since the August peak, said ONS.

Some analysts believed that the deterioration in housing affordability as a result of rising house prices, earnings growth that has been consistently below consumer price inflation until very recently and speculation of an interest rate rise, have combined to temper housing demand since the summer. Endit