U.K. housing prices rise at slowest pace in 11 months despite prevalence of strong buying demand

Housing prices in the United Kingdom rose at the slowest pace in 11 months, despite the prevalence of a strong buying demand post the June 23 Brexit vote.

U.K.’s House prices increased 4.4 percent compared with a year earlier, down from growth of 4.6 percent in October, data released by Nationwide Building Society showed Thursday. Economists in a Reuters poll had expected house price growth to remain steady at 4.6 percent. In November alone, house prices edged up 0.1 percent - in line with expectations.

"There are some signs that, despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs," Reuters reported, citing Robert Gardner, Chief Economist, Nationwide.

Further, British households have cut spending every time that house prices have fallen. Earlier this week, the Bank of England said the number of new mortgages in the U.K. rose to a seven-month high in October after it fell to a near two-year low soon after the referendum.

Meanwhile, the GBP/USD currency pair is trading 17-day high at 1.25, up 0.01 percent and has formed '3 advancing white soldiers' bullish pattern, while at 9:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bullish at -109.98 (a reading above +75 indicates bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex