In what could signal the end of the so called property "bubble" the Halifax have just announced that house prices have slumped by 0.1 per cent in November, taking the average house price to £164,708.
Despite the slump in property prices, demand according to the Halifax has increased for the first time in four months as the price drops have lured back to the market.
The three months leading up to November were 0.7 per cent lower than a year earlier, the first annual decline since 2009. The month-on-month fall in November followed a record 3.7% fall in September and a 1.8% increase in October.
Halifax economist Martin Ellis said: 'Higher numbers of properties for sale, combined with reduced demand, have caused the recent decrease in prices. 'There are, however, some tentative signs that homeowners are becoming more reluctant to put their properties on the market which, if continued, will help to relieve the current downward pressure on prices.'
Chris Kyriacou of Centuries Ahead in Southgate commenting on the Halifax figures said:
"0.1% drop in comparison to the increases we have recorded in the last years is insignificant. At this stage this is not a major concern, but I would be more interested to see what could happen in January or February".
But the National Association of Estate Agents said the average estate agency branch had 241 house-hunters on its books during the month, up from 218 in October.
London prices have seen areas like Kensington & Chelsea report increases of around 5-8% in comparison to drops in areas like Southgate of about 8-10%. The market according to property analysts depends on the "dynamics" locally, like popular schools, good transport links and the number of properties available to buy.
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