View more on these topics

House prices drop 0.3% in November

House prices fell by 0.3% in November but rose 0.4% on last year, the Nationwide House Price Index shows.

The average house price now stands at £163,398 compared to £164,381 in October.

The three month on three month rate of change rose slightly from a drop 1.5% to a drop of 1.3%.

The figures compare to a 0.7% drop in October despite a 1.4% annual rise.

Martin Gahbauer, chief economist at Nationwide, says: “There is little evidence to suggest that house price declines are likely to accelerate in the months ahead.  Much of the weakness in property values since the Spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010. 

“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. 

“In addition, there are early signs that the flow of new property onto the market may be slowing down again as potential sellers observe the recent weakness in prices and decide against marketing their properties at the current juncture.  Similar seller behaviour was observed in late 2008 and early 2009, eventually leading to a decline in the amount of property on the market.”


Snowdon quits in bank reshuffle

Colin Snowdon says he quit as chief executive of residential mortgage lending at Aldermore because of the bank’s decision to integrate its two mortgage businesses. Last week Aldermore revealed that both its commercial and residential mortgage businesses will report to Mark Stephens, deputy chief executive officer of Aldermore. Charles Haresnape, former group mortgage service director […]

Time to take stock and plan for future

As the year enters its final few weeks, the lending industry is getting reflective, looking back on the highs and lows of what has been yet another interesting and challenging year in financial services. Since the credit crunch there has been much uncertainty and many tough times, but on a positive note there have been […]


News and expert analysis straight to your inbox

Sign up