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The annual pace of house price growth continued to soften in November, falling from 9.0% in October to 8.5%, marking the third consecutive month where annual growth has moderated. This is despite house prices increasing by 0.3% month on month in November.
There is something of a disconnect between the slowdown in the housing market n recent months and broader economic indicators, which have remained relatively upbeat.
Historically low mortgage rateshave helped to mitigate against the fact that house priceshave been outstripping income growth.