Property prices down in November

House prices fell in November, according to the latest figures from Nationwide.

The firm's latest house price index shows that prices fell by 0.8 per cent, the steepest decrease seen since June 1995.

The average property price remains relatively high at £184,099 and Nationwide says that the figures should not lead to mass panic among homeowners.

"Monthly data can be volatile and the sharp fall this month is partly a reflection of the strength recorded last month and in November last year," said Nationwide's chief economist Fionnuala Earley.

"A better picture of the underlying trend is captured in the three-monthly growth rate. This too fell back into line with its softening trend in November, returning to 1.5 per cent from the 1.8 per cent recorded in October.

"The price of a typical house in the UK is now £184,099, almost £12,000 more than this time last year," she added.

The report also highlighted that the introduction of Home information packs may support prices as fewer speculative sellers put their properties on the market.

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