House prices fall in November

Posted 09/12/2010

New research has revealed that house prices in the UK dropped again last month, with the average British property now 0.7 per cent cheaper than it was at this point in 2009.

According to the Halifax, values dropped by 0.1 per cent in November, with the higher number of homes coming on to the housing market pushing values down and demand remaining sluggish due to the ongoing concerns.

The bank’s economist Martin Ellis suggested that now could be an opportune moment for first-time buyers to make their first step on the property ladder, pointing out that some financial institutions are increasingly keen to provide mortgage loans.

“Interest rates are likely to remain very low for an extended period, which will support the improved mortgage affordability position for homeowners,” he explained.

The findings came after the National Association of Estate Agents warned that some homeowners have “unrealistic values” of their properties and expressed doubts that prices will rise in the near future.