Date issued: 27 Nov 2008
RATE OF PRICE FALL MODERATES IN NOVEMBER
- Prices fall by 0.4% in November
- Annual rate of fall moderates to 13.9%
- Deep interest rate cuts will provide support for borrowers
- Fiscal measures may help housing market indirectly, but policies to support funding markets may be more likely to speed recovery
| Headlines |
November 2008 |
October 2008 |
| Monthly index * Q1 '93 = 100 |
317.8 |
319.2 |
| Monthly change* |
-0.4% |
-1.3% |
| Annual change |
-13.9% |
-14.6% |
| Average price |
£158,442 |
£158,872 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“The rate of house price falls moderated significantly in November. Prices fell by just 0.4% in the month compared with 1.3% in October. This brings the annual rate of house price falls to 13.9%, down from 14.6% last month. The price of a typical house is now £158,442. This is about £25,000 less than this time last year but is still about £25,000 higher than in November 2003."
For further information please see this month's full report (PDF 46KB).
