UK house prices stagnating

UK house prices were flat during November, according to figures released by the Nationwide building society.

Its survey said the average house price remained at £164,000 this month, the same as in October but 1.2 per cent lower than at the same point last year.

Nationwide's chief economist Robert Gardner said: "The resilience of employment together with the ultra-low level of interest rates has been instrumental in preventing a glut of unsold homes from building up on the market and exerting sustained downward pressure on house prices."