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Residential property prices drop 0.1% in November
09/12/10
Edited by Andy Jowett.Residential property values declined by 0.1 per cent in November compared with the previous month, according to the latest figures from Halifax.
The mortgage lender said this took the average price of a home to £164,708.
Halifax housing economist Martin Ellis noted that prices continued to fall last month because of a combination of rising supply and subdued demand, but there are "tentative signs" that residential property owners are becoming increasingly reluctant to put their homes on the market.
If this trend continues, it should ease the downward pressure on property values, Mr. Ellis claimed.
Elsewhere, the expert said interest rates are expected to stay "very low for an extended period", which will help to keep mortgage repayments affordable.
"As a result, we do not expect to see a significant fall in house prices," he commented.
Halifax's figures come after Nationwide's index showed the average value of UK property had fallen by 0.3 per cent to £163,398 between October and November.
