UK house price growth increased at a faster pace in November, data released by the Lloyds Bank subsidiary Halifax and IHS Markit showed Monday. House prices grew 1.2 percent in November from October, when prices were up 0.3 percent. Economists had forecast prices to climb 0.5 percent. In three months to November, house prices advanced 7.6 percent from last year after climbing 7.5 percent in three months to October. This was the strongest growth since June 2016. On a quarterly basis, house prices advanced 3.8 percent, data showed. Russell Galley, Managing Director at Halifax, said the housing market has been more resilient than many predicted at the outset of the pandemic. However, with unemployment predicted to peak around the middle of next year, and the UK's economy not expected to fully recover the ground lost over 2020 for a number of years, a slowdown in housing market activity is likely over the next 12 months, said Galley.
