House prices rose by 0.5% in November, the same rate as in October, according to the latest house price index from the Nationwide.

This means that year-on-year house price inflation increased from 2.0% to 2.7%. The average house price is now £162,784.

The three-month on three-month rate of change, which the Nationwide says is generally a smoother indicator of the near term trend, dropped to 2.8% from 3.5% in October and 3.8% in September.

Martin Gahbauer, Nationwide’s chief economist, said: “This suggests that house prices are now rising at a more moderate pace than in the spring and summer months