• Modest 0.3% increase month-on-month

• Net additions to housing stock just 0.6% below 2007 level

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “While house price growth picked up a little in November, it remained relatively subdued at 1.9%, up from 1.6% the previous month. “Looking forward, much will depend on how broader economic conditions evolve. In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40-year lows. “If the uncertainty lifts in the months ahead and employment continues to rise, there is scope for activity to pick-up through next year. The squeeze on household incomes is already moderating and policymakers have signalled that, if the economy performs as they expect, interest rates are only expected to rise at a modest pace and to a limited extent in the years ahead.