27/11/2008

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."

(KMcA)


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