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| UK house prices see sharp tumble | UK house prices see sharp tumble |
| (20 minutes later) | |
| UK house prices saw their biggest fall in 12 years during November, mortgage lender Nationwide has said. | |
| The firm's data showed that the cost of an average home slid by 0.8% from a month earlier - the first drop in price seen since February last year. | The firm's data showed that the cost of an average home slid by 0.8% from a month earlier - the first drop in price seen since February last year. |
| On an annual basis, house prices rose by 6.9% from the same month in 2006, down from October's figure of 9.7%. | On an annual basis, house prices rose by 6.9% from the same month in 2006, down from October's figure of 9.7%. |
| The data "confirms that the housing market is indeed cooling," Nationwide's chief economist Fionnuala Earley said. | The data "confirms that the housing market is indeed cooling," Nationwide's chief economist Fionnuala Earley said. |
| "Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market," she added. | "Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market," she added. |
| The 0.8% slide in prices seen in November is the biggest since June 1995. | The 0.8% slide in prices seen in November is the biggest since June 1995. |
| Earlier this week, Land Registry figures suggested that London house prices dropped at their fastest rate in more than two years during October. | Earlier this week, Land Registry figures suggested that London house prices dropped at their fastest rate in more than two years during October. |