House price falls lowest in 12 months
According to recent Nationwide figures this week, house prices have still fallen in November, however, the rate at which they have fallen is the lowest rate for the last year.
The house price fall has slowed down to just 0.4 percent in November, which is better than the average of 1.3 percent from October’s figures. The reason for the slow in decline is being given as the interest rate reductions from the Bank of England Monetary Policy Committee, which has given some much needed support to the housing market in the UK, however, the lack of mortgage lending from banks and mortgage lenders at the moment is not helping.
One thing that appears certain, until the banks relax their rules and start to gain enough confidence, or ability, to lend again the housing market looks set to remain a little stagnant.
Posted on November 30, 2008
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