Fall in house prices slows
Video
Estate Agent Nick Salmon on falling house prices
Published Date:
28 November 2008
THE rate at which house prices are falling eased during November, but economists warned it was too early to talk about a recovery in the market.
Nationwide Building Society said house prices dropped by just 0.4 per cent during the month, a considerable improvement on October's 1.3 per cent slide.
The annual rate of price falls also eased to 13.9 per cent, compared with a year-on-year drop of 14.6 per cent a month earlier. It is the first improvement in annual house price inflation since October last year, when the year-on-year growth rate first began to decline.
The figures provided rare good news for homeowners, who have seen £25,000 wiped off the value of their homes since prices first began to fall.
However, Howard Archer, a chief economist at IHS Global Insight, said: "We doubt that the drop in house prices in November marks the start of a trend, as the fundamentals remain largely unfavourable."
The full article contains 169 words and appears in The Scotsman newspaper.
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Last Updated:
28 November 2008 9:09 AM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Mortgage and property news
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