More evidence that prices are falling
Two new reports on the residential property market have provided further evidence that house prices are falling.
Figures compiled by the Land Registry show the average price of a home in England and Wales fell by 0.1 per cent to £184,346 during October.
However, the pattern was not uniform across the country and the average price actually increased by two per cent to £143,649 in Wales.
Mortgage holders in London had most reason to be concerned about the figures, as average property values in the capital fell by 0.6 per cent.
Meanwhile, a report published by Nationwide indicated prices fell even further during November.
The building society's statistics showed that the average price of a home fell by 0.8 per cent to £184,099 - the largest monthly drop since June 1995.
However, Nationwide's chief economist Fionnuala Earley said that although the housing market is slowing, there are some positive signs.
"With interest rates on the way down and the continued issue of undersupply of housing in the UK market, the underlying fundamentals are perhaps more positive than the recent swings in sentiment might suggest," explained Ms Earley.
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