CML news & views

The rate at which house prices are falling eased in November but a market recovery remains some way off, Nationwide Building Society has said.

The lender found that the average cost of a home declined by just 0.4 % during the month, compared to a fall of 1.3% in October. 

But in spite of the moderation in house price falls, Nationwide warned that conditions were not favourable for a swift recovery in the housing market.

The lender warned that the weakening economy would hinder any recovery of demand in the housing market.

Meanwhile, the Land Registry reported a 10.1% annual decline in house prices in England and Wales in October.

Prices were falling most rapidly in Wales, where the annual rate of decline was 12%.  An annual fall of more than 10% was also recorded in the north east, Yorkshire and Humberside, the east Midlands, eastern England, the south west and the south east. 

London saw the slowest annual rate of decline, with prices falling by 8.6%