UK House prices Down in November 2011

UK House prices down in November 2011 : The UK housing market continued its bumpy ride as prices fell 0.9% between October and November, according to figures from the Halifax. There has now been an even split of monthly price rises and falls this year with five of each and one month of no change.

House prices in the three months to November fell by 0.6% compared than in the preceding three months. This measure of the underlying trend was negative for the second successive month following three consecutive increases.

Annually, prices in November were 1.0% lower when measured against the average for the three months to November against the same period a year earlier. This meant average house prices were at £161,731.

This continued the improvement experienced since May when prices were 4.2% lower. It is the smallest annual fall since November 2010, when prices were down 0.7%.

Halifax cited Bank of England figures that it said showed signs of a modest pick-up in housing activity but added that it expected sales to remain "broadly unchanged" in the coming months.

The industry-wide number of mortgages approved to finance house purchase - an indicator of completed house sales – increased by 3% in October and was 13% higher than in October 2010.

The seasonally adjusted total of 52,700 in October was both the highest this year and the highest since December 2009, Halifax said. For the latest updates on the stock market, visit Stock Market Today

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