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Nationwide House Prices (Nov. 23)

The further small increase in the Nationwide house price index in November was unexpected and came on the heels of an even larger rise in October. It means house prices are on track to fall by just 2% y/y in Q4, compared to a consensus forecast of a 7% drop at the beginning of the year, and that the risks to even our forecast of very modest house price falls in 2024 are on the upside.

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