House Price Index: Rate of price fall moderates in November

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. In summary:

Read Nationwide's House Price report for November
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  • 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