photo credit: woodleywonderworks
The pace of UK house price falls has slowed over the last month, latest figures from building society Nationwide show.
Prices fell by just 0.4 per cent in November, the figures reveal, compared to a drop of 1.3 per cent in October.
This puts the average house price in the UK at £158,442, down from £158,872 in October.
Experts from the society said interest rate cuts will provide support for borrowers, while other government measures may help the housing market indirectly.
Fionnuala Earley, Nationwide’s chief economist, said:
“In spite of the moderation in house price falls recorded in November, with the economy in recession, conditions
do not appear very favourable for a swift recovery in the housing market.”
However, she added the estimated one third of borrowers on tracker mortgages would directly benefit from the recent 1.5 per cent rate cut.
Ms Earley also said recent measures announced in the pre-budget report would have an indirect effect on the housing market.
Other figures from Nationwide suggest a stamp duty holiday announced in September has had little impact, with only four areas of the UK showing an increase in transactions for first-time buyer properties.
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