House prices fall again

The slump in house prices eased slightly in November according to the Nationwide‘s index. Compared with October’s fall of 1.3 per cent, this month’s price drop of 0.4 per cent ‘moderated significantly’ recent price falls; however, compared with last November’s figures, house prices were down 13.9 per cent. The average house price is now £25,000 less than the previous year, although Nationwide say they are still £25,000 higher than they were in November 2003. It has been estimated that the UK house building industry has shrunk by half since the start of the credit crunch in summer last year.