A terraced row of residential housing sits in the Muswell Hill district, in view of the Canary Wharf financial, business and shopping district of London, U.K. ( Photographer: Chris J. Ratcliffe/Bloomberg)

U.K. House Prices Are Rising at the Slowest Pace in Six Years

(Bloomberg) -- Britain’s housing slowdown continued to worsen through the fourth quarter, with price growth cooling to the least in six years.

Prices rose just 0.3 percent in the three months through November compared with a year earlier, Halifax said Friday. On the month, prices plunged 1.4 percent to an average 224,578 pounds ($286,000), missing forecasts for a 0.2 percent increase.

Britain’s property market has cooled this year, with London at the forefront of the slowdown after decades of rapid price gains. The uncertainty of Brexit and slowing economic growth have dented demand. Nevertheless, a shortage of homes, low interest rates and record-low unemployment are preventing a sharper downturn.

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