» Property price fall decreases after rate cut


Article Published: 27th November 2008

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A small decline in the fall in property prices has given some cause for optimism since the Bank of England lowered the base rate.

Nationwide, Britain’s largest building society, released figures that showed a fall in annual property values had slowed to 13.9 per cent from 14.6 per cent in October.

The average price of a home in the UK is now £158,442 which is almost £25,000 less than it was during the same period in 2007.

The Nationwide’s chief economist, Fionnula Earley said “The Monetary Policy Committee’s decision to reduce interest rates meeting took most commentators by surprise. The rate of house price falls moderated significantly in November. Prices fell by just 0.4% in the month compared with 1.3% in October. This brings the annual rate of house price falls to 13.9%, down form 14.6% in October.