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November house prices continue downwards

Latest House price data from Halifax on a quarterly basis provides a clearer indication of the overall market trends, smoothing out the volatility caused by the reduced number of monthly transactions in all house prices indices’ monthly figures.

Prices in November were 2.4% lower than at the end of 2009.

House prices are now marginally lower than a year ago. Prices in November were 0.7% lower on an annual basis as measured by the average for the latest three months against the same period a year earlier. This was the first annual decline since November 2009 and continues the recent downward trend from a high of 6.9% in May.

Nicholas Leeming, Commercial Director of Zoopla.co.uk, commented:

“Even though lenders slackened their grip on credit in November, it wasn’t enough to change the market’s direction – the mortgage deep freeze is cooling house prices too. It’s not a question of weak sentiment, but lack of loans. If the lenders aren’t freer with finance, prices could stumble again in the new year.”

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