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House prices drop 0.4%

Thursday, 27 November 2008 12:00 AM

House prices were 0.4 per cent lower in November but the pace of falls eased from October.

Figures from Nationwide show the annual rate of house price falls slowed to 13.9 per cent in October, from 14.6 per cent in November, after the smallest monthly drop since prices started to decline 12 months ago.

The price of an average house is now £158,442 - about £25,000 less than this time last year, Nationwide said.

Despite the slowdown in house price falls, Nationwide warned there is still some way to go before the market stabilises.

Fionnuala Earley, Nationwide's chief economist, 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."

Global Insight analyst, Howard Archer, said: "We doubt very much that the markedly reduced monthly drop in house prices in November marks the start of an improving trend for house prices as the fundamentals remain largely remain unfavourable."

The market is unlikely to improve while credit conditions remain, tight, analysts say.

The latest data from the British Bankers' Association showed 21,584 mortgages for house purchase were approved in October, the second lowest since the series started in 1997, and down 66.3 per cent from the July 2007 peak.

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