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House price fall slowing down
28 November 2008
According to Nationwide Building Society, house price falls slowed significantly this month. The average cost of a home dropped 0.4% in November compared with 1.3% in October.
Experts are however warning that the pause in the drop in house prices will only be brief. They predict that with the economy in recession, conditions are not favourable for a swift recovery. The weakening of the labour market is obviously not helping matters.
The average home now costs £158,444. This is £25,000 less than a year ago, however it is still £25,000 more than in November 2003.
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