House prices in the UK have increased for seven months in succession, according to data released by Nationwide.

The building society said that the average home increased in value by 0.5% in November compared with October and now costs £162,764. The average house in the UK is now worth 2.7% less than this time last year.

"The outlook for the housing market remains crucially dependent on labour market conditions, and here recent developments have been somewhat more encouraging than might have been expected," said Martin Gahbauer, chief economist at Nationwide.