LONDON, (Reuters) – The growth in British home prices accelerated last month. This was despite the expiration of emergency measures to support the housing market. Nationwide mortgage lender said Wednesday that the market is holding steady despite these efforts.

Nationwide reports that November saw a 0.9% increase in house prices compared to October, which was 0.7%. An economist poll by Reuters had predicted a 0.5% rise in monthly house prices.

This increase saw house prices rise 10% compared to November 2020. It was higher than the 9.3% median forecast in the Reuters poll.

Robert Gardner, chief economist for Nationwide, stated that house prices are now nearly 15% higher than they were in March 2020 during the European pandemic.

Gardner explained that the “underlying activity seems to have held up well”.

Since the last coronavirus lockdown was lifted in the UK, demand has been high for housing. This is due to the increased number of people working from home and the need for larger properties.

A tax incentive that Rishi Sunak, finance minister of India, offered to the British market was also an encouragement. It expired completely at September’s end.

No sign has emerged of an increase in unemployment after the expiration of the furlough scheme.

Gardner indicated that “if this is maintained,” housing market conditions could remain buoyant in coming months. He said, “Especially since the market has momentum, and there is potential for ongoing shifts of housing preferences, due to the pandemic to continue supporting activity.”

The house price has remained high due to a shortage of houses for sale.

Gardner indicated that there were still uncertainties in the future due to factors including the Bank of England’s possibility of raising interest rates as well as the potential impact of Omicron, a coronavirus variant on health and economy.

He stated that house prices have been growing faster than income growth and housing affordability has become less favorable since the outbreak.