House prices in the UK grew at a slightly slower pace in November, according to the latest figures from one of the country's biggest mortgage lenders.

Based on Nationwide's own lending figures, house prices grew 3.7% in November compared with last year, down slightly from 3.9% in October. Compared with October, prices were up by just 0.1%.

The latest price rises mean that the average house price in the UK is now £196,305. Nationwide said that growth over the past few months was largely in line with the long term trend.

Nationwide chief economist Robert Gardner said: "While this bodes well for a sustainable increase in housing market activity in the period ahead, much will depend on whether building activity can keep pace with increasing demand.