UK House Prices Fall 0.9% in November

According to the latest house prices report by Halifax, mortgage arm of Lloyds Banking Group Plc, property values in the UK fell in November 2011.

The month-on-month decrease amounted to almost 1%, whereas the annual fall constituted 1.5%. Now, an average house in Great Britain is priced at 161,700 pounds, reports Halifax.

Commenting on the findings, Martin Ellis, property expert at Halifax, said: "house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households’ finances...We expect the market to remain broadly unchanged” in the coming months."

However, not all property experts share his opinion. As such, a report published earlier by the Nationwide building society suggests that UK house prices will further slide down in 2012.

Due to the decreased confidence on the British property market, it is believed that the Bank of England will leave the base rate unchanged at the level of 0.5% on its meeting, scheduled for December, 8th.