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| Housing market sees another fall | Housing market sees another fall |
| (10 minutes later) | |
| House prices fell by a further 1.9% in November as activity in the market dropped again, says the Land Registry. | House prices fell by a further 1.9% in November as activity in the market dropped again, says the Land Registry. |
| This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease, the figures show. | This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease, the figures show. |
| The price of an average home stood at £161,883 with prices falling in every region over the last year. | The price of an average home stood at £161,883 with prices falling in every region over the last year. |
| The Registry also revealed that the number of sales dipped in the third quarter of the year. | The Registry also revealed that the number of sales dipped in the third quarter of the year. |
| In the three months to end of September, the number of sales was less than half of the 115,697 of the same period the previous year, at 48,599. | |
| In September the number of properties sold for more than £1m fell by 54% to 354 compared with the same month a year earlier. | |
| Acceleration | |
| The annual fall in prices recorded by the survey has been accelerating in recent months, as the housing market continues to stagnate. | |
| First-time buyers have not revived the market despite falling prices as they face demands for high deposits from lenders. | |
| Meanwhile, those who may have moved homes have been staying put as prices reduce and the threat of redundancy looms for some during the impending recession. | |
| However the dip comes after a major housing market boom in the last decade. Average house prices now stand at the same level as in February 2006, the survey shows. | |
| Unlike lenders' surveys, the Land Registry data compares the price of properties sold now with the price paid when it was last sold. | |
| However, properties sold - usually for a discount price - following repossessions or transferred following divorce proceedings are excluded from the survey. |