House Price Fall 'Beginning To Ease'

House prices are continuing to drop, but the rate at which they are falling is beginning to ease, with prices falling by just 0.4% in November, the latest survey from the Nationwide Building Society has revealed.

This month's drop compares to a fall of 1.3% in October.

The mortgage lender also said that the annual rate at which house prices fell dropped to 13.9% from November 2007, compared with a year-on-year drop of 14.6% in October.
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The average house price now stands at £158,442, which is £25,000 less than a year ago. However, Nationwide said that the current figure is still £25,000 higher that they were in November 2003.

However, Nationwide's Chief Economist Fiona Earley said: "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.

"With prices falling at their current rate, there is also little incentive for new borrowers to hurry into the market."


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