UK House Prices Fell in November

UK house prices fell for the third consecutive month in November according to data released by Halifax. According to the UK’s largest mortgage lender, home prices fell by 1.1% for the month, following declines of .5% in October and .6% in September. The rate of housing price increases for the full year had fallen to 6.3% through November. That’s down from a high of 11.4% in August and 8.9% in October. The housing news has been highlighted in major media outlets recently, including the BBC and The Guardian.

The average home price for the UK now stands at £194,896, down from £199,600 in August. The housing market is typically slower at this time of the year, and sellers may want to note the results from a year ago. Last December saw a fall in housing prices of 1.3%, but that was followed by eight months of growth.

The chief economist from Halifax, Martin Ellis, believes that the short supply of housing throughout the country and a sound UK economy should prevent a market crash. "Strong market fundamentals, a structural housing supply shortage and pent-up demand from a large number of potential first-time buyers will support house prices, preventing a sustained and significant fall," he said.

Mirroring the news from Halifax, Nationwide building society reported a .8% drop in housing prices in November, its largest fall in 12 years. The weak housing news has helped to prod the Bank of England to cut interest rates by .25% to 5.5%. This should help buyers by providing lower interest rates for their mortgages.

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source: homesgofast.com