Nationwide Publishes House Price Index for November

Yesterday, on November 29th Nationwide building society published its house prices report.

According to it, the average value of home in Great Britain rose by 0.4% in November and reached 165,800 pounds. The year-on-year increase amounted to 1.6%.

The number of mortgage loans approved in October was 52,743, up from 51,193 in September. It was the highest number in the past 22 months.

Property experts, however, remain skeptical of the figures published by Nationwide. As such, Howard Archer of IHS Global Insight, said: "A pick up in mortgage approvals in October and firmer house prices in November is highly unlikely to herald a significant, sustainable upturn in the housing market's fortunes."

Moreover, the figures by Nationwide building society are different from those recenlty revealed by the Land Registry. Let us remind that Land Registry house price index is considered to be one of the most reliable in the UK.