Price gains ‘wiped out over year’
HOUSE prices fell by 0.3 per cent in November, according to the Nationwide.
It measn that any gains in the early, more buoyant part of this year have all but been wiped out, with prices now standing at just 0.4 per cent higher than this time a year ago.
Martin Gahbauer, Nationwide’s chief economist, said the rate of falling house prices should now slow.
“There is little evidence to suggest that house price declines are likely to accelerate in the months ahead.
“Much of the weakness in property values since the spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010.”