Prices for properties for sale remain flat through November

3rd Dec 2012

The price of purchasing UK property remained largely unchanged in the month of November, despite suffering a fall compared to the same month a year ago, new data released by Nationwide has shown.

The building society said that the value of the average home for sale throughout the month of November sat at £163,853. This was negligibly lower than the total seen a month prior in October, when the overall total sale price sat at a mean level of £164,153.

However, while the annual fall in October had sat at 0.6 per cent, Nationwide said that the price of homes in November was a full 1.2 per cent lower than a year ago.

According to the chancellor George Osborne, this could also be a problem that could continue, with his bleak predictions for the future showing that overall austerity in the UK, which will have an effect on house prices, may continue until 2018.

Robert Gardner, Nationwide's chief economist, said that this was the ninth month in a row where house prices have shown an annual fall. However, the expert did go on to say that there were positives.

"The predominant theme remains one of stability. Indeed, UK house prices were unchanged over the month in November, after taking account of normal seasonal factors. Moreover, annual price growth has remained in a narrow band between +1.5 per cent and -1.5 per cent on all but two occasions over the past two years."

Posted by Staff Writer: ADNFCR-1286-ID-801499799-ADNFCR

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