A rainbow is seen over apartments in Wandsworth on the River Thames as UK house prices continue to fall, in London, Britain, August 26, 2023.
REUTERS/Kevin Coombs/File Photo Acquire Licensing RightsLONDON, Dec 1 (Reuters) - British house prices rose unexpectedly in monthly terms for the third time running in November, adding to signs that the housing market downturn has abated, mortgage lender Nationwide said on Friday.
House prices rose by 0.2% on the month in November, after a 0.9% increase in October.
Compared with a year ago, house prices were 2% lower - the smallest such drop in nine months.
"There has been a significant change in market expectations for the future path of Bank Rate in recent months which, if sustained, could provide much needed support for housing market activity," said Robert Gardner, chief economist at Nationwide.
Kevin Coombs, Robert Gardner, Andy Bruce, Sarah Young
REUTERS, Nationwide, Bank of England, Thomson
Wandsworth, London, Britain