UK house prices fell for the third consecutive month in November according to data released by Halifax. According to the UK’s largest mortgage lender, home prices fell by 1.1% for the month, following declines of .5% in October and .6% in September. The rate of housing price increases for the full year had fallen to 6.3% through November. That’s down from a high of 11.4% in August and 8.9% in October. The housing news has been highlighted in major media outlets recently, including the BBC and The Guardian.
The average home price for the UK now stands at £194,896, down from £199,600 in August. The housing market is typically slower at this time of the year, and sellers may want to note the results from a year ago. Last December saw a fall in housing prices of 1.3%, but that was followed by eight months of growth.
The chief economist from Halifax, Martin Ellis, believes that the short supply of housing throughout the country and a sound UK economy should prevent a market crash. “Strong market fundamentals, a structural housing supply shortage and pent-up demand from a large number of potential first-time buyers will support house prices, preventing a sustained and significant fall,” he said.
Mirroring the news from Halifax, Nationwide building society reported a .8% drop in housing prices in November, its largest fall in 12 years. The weak housing news has helped to prod the Bank of England to cut interest rates by .25% to 5.5%. This should help buyers by providing lower interest rates for their mortgages.
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