U.K. house price growth slows in November, weakness to persist in near-term

Housing price growth in the United Kingdom slowed during the month of November, as consumers felt the heat of rising prices, higher than the rise in their wages. Also, it is expected to remain weak in the near term.

The average UK house price rose annually by 6 percent to GBP218,002, up from a 5.2 percent year-on-year growth rate in October. On a monthly basis, house prices grew 0.2 percent in November, data released by Halifax showed Wednesday.

"Despite November's pick up, the annual rate has been on a steady downward trend in recent months since reaching a peak of 10 percent in March," said Martin Ellis, Housing Economist, Halifax.

Further, confidence in the UK housing market had already hit a three-year low in October as expectations of a fall in prices rose. Annual price growth has fallen from highs of 10 per cent in March as buyers rushed to avoid stamp duty changes.

Meanwhile, the FxWirePro's Hourly Pound Strength Index remained highly bearish at -183.92 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex