House prices drop for eighth month running

HOUSE prices in the UK declined again in November, the Department for Communities and Local Government (DCLG) revealed yesterday.

The index fell 0.3 per cent on an annual basis in November, slower than the 0.4 per cent decrease seen in October and representing the eighth consecutive monthly fall.

Meanwhile the typical sum paid for homes by first time buyers has risen by 0.7 per cent over the 12-month period.

During the year to November average house prices decreased by 0.1 per cent in England to £213,668.

London remains the English region with the highest average house price, at £346,123, whilst the North East has the lowest average price at £133,230.

London registered an annual house price increase of 3.2 per cent.

“These figures from the tail end of 2011 paint a decidedly sorry picture of the housing market,” said Michael Brown, director of London-based estate agents, The Property Lounge.

“It’s like an exhausted athlete, panting and wheezing towards the finish line. Trouble is, it has been running just to stand still. 2012 looks likely to repeat the pattern.”