House price fall slows, Nationwide says

27/11/2008

House price falls might now be slowing, new figures suggest.

Lender Nationwide released its latest monthly price survey today, finding that the value of the typical UK property had fallen by just 0.4 per cent since October.

This compares well with the previous monthly fall marked on the index of 1.3 per cent.

According to Nationwide's data, this now means that house prices are 13.9 per cent below what they were in November 2007.

In October, this annual fall was 14.6 per cent.

Nationwide chief economist Fionnuala Earley suggested that any recovery in the UK property market was likely to be slow, however.

"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," she said.
"The labour market is weakening, which will inevitably hinder market demand, particularly when property remains expensive relative to earnings."

Tags; Housing Debt and Bills, Young Family Finances, Recent Graduate Debt,

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