The rate of house price drop fell in November according to figures released by Nationwide today. The market however remains nearly 14 % lower than it was a year ago, as buyers remain worried and lending remains curbed.
The monthly house report shows that the average British home sold for £158,442 down 13.9% from November last year.
Although the figures suggest an easing of the current crisis signs indicate that the property crash is far from over.
Nationwide's Chief Economist Fionnuala Earley, said: "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."
Gordon Brown remains optimistic. Whilst admitting our current situation is far from ideal our housing market is in a better state than certain other counties such as America. |
