Annual house price growth softened to reach 1.8% in November, from 2.4% in October, according to an index.

Across the UK, house prices increased by 0.3% month on month on average in November, taking the typical property value to £272,998, Nationwide Building Society said.

Robert Gardner, Nationwide’s chief economist, said: “The housing market has remained fairly stable in recent months, with house prices rising at a modest pace and the number of mortgages approved for house purchase maintained at similar levels to those prevailing before the pandemic.

“The changes to property taxes announced in the Budget are unlikely to have a significant impact on the housing market. The high-value council tax surcharge, which is not being introduced until April 2028, will apply to less than 1% of pro

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