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House prices fall 0.3% in November

House prices fell by 0.3 per cent in November, according to the latest data from Nationwide.

Prices are up 0.4 per cent year-on-year, bringing the average house price to £163,398.

The drop follows a 0.7 per cent fall in October, when the average house price stood at £164,381.

Nationwide chief economist Martin Gahbauer says: “There is little evidence to suggest that house price declines are likely to accelerate in the months ahead.  Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010. 

“However, there is little to indicate that these sellers need to achieve a sale urgently for financial or economic reasons, which means that the downward pressure on house prices is only modest. 

“In addition, there are early signs that the flow of new property onto the market may be slowing down again as potential sellers observe the recent weakness in prices and decide against marketing their properties at the current juncture.  Similar seller behaviour was observed in late 2008 and early 2009, eventually leading to a decline in the amount of property on the market.”

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  1. Nationwide figures Average house price July 2010 £167,354 against long term trend of £164,872.

    These latest falls see trend value broken through for the first time since October 1990. It took 12 years until April 2002 for the market price to break out and push upwards above trend.

    Peak was July 2007 average price £189,316 against long term trend of £143,924.

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