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28/11/2008
Nationwide: Rate of house price fall eases in November |
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House prices fell by 0.4 per cent in November, Nationwide has revealed.
The 0.4 per cent fall compares favourably with the 1.3 per cent drop witnessed in October.
Nationwide now estimates the average house in the UK to be worth £158,442.
This price is around £25,000 less than it was at the same time last year but £25,000 more than in November 2003.
Nationwide's chief economist Fionnuala Earley says: "In spite of the moderation in house price falls recorded in November, with the economy in recession, conditions do not appear very favourable for a swift recovery in the housing market."
The moderation of house price falls has brought the year-on-year rate down to 13.9 per cent for November, from 14.6 per cent in October.
Meanwhile, Paul Holmes, chief executive of advisory website Firstrung, says that at the moment prospects for first-time buyers are "extremely bright".
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