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House prices fell again in November

Wednesday, 1 December 2010 2:47 PM

The cost of buying a house in the UK fell again in November 2010, according to new figures from the Nationwide building society.

Average house prices slipped by a further 0.3 per cent to £163,398, leaving them only 0.4 per cent higher than they were 12 months ago.

This continuing decline in prices, as recorded by Nationwide, marked the fourth drop in the past five months.

The building society's chief economist Martin Gahbauer said that Britain should prepare for more of the same over the coming months. "There is little evidence to suggest that house price declines are likely to accelerate in the months ahead," he said.

Gahbauer explained that much of the weakness in property values since the start of this year had been driven by the return of sellers to the market.

"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," he added.

Meanwhile, rents are continuing to rise, as more people are weighing up their rental options, rather than trying to buy a house.

The Royal Institution of Chartered Surveyors (RICS) has said that demand from would-be renters is increasing, as the supply of new homes diminishes (read the story here).
 

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