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UK house price growth eased in November, Halifax says

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Growth in UK house prices eased last month, according to the Halifax, but a mis-match between supply and demand means prices are likely to continue rising at a "robust" rate.

The lender said property prices rose at an annual pace of 9% in November, down from a rate of 9.7% the month before.

Prices in November were down 0.2% compared with October, cutting the average house price to £204,552.

The quarterly pace of growth was at its lowest for nearly a year, Halifax said.

Prices in the three months to November were 1.4% higher than in the previous quarter, the smallest rise in this measure since December 2014.

However, the Halifax expects price rises to remain strong.

"Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year," said Martin Ellis, Halifax housing economist.

"The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term."

The Nationwide's survey for November also suggested that the annual pace of house price growth slowed last month, dropping to 3.7% from 3.9% in October.

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