2009.01.1305:41:00UTC+00UK House Prices Extend Falls in November

House prices in the UK continued to decrease for the fifth straight month in November, the Department of Communities and Local Government said Tuesday.

The unadjusted house price index dropped 8.6% year-on-year in November after falling 7.4% in October. On a monthly basis, house prices were down 1.9%.

The mix-adjusted average house price stood at GBP199,732 in November 2008.

In the quarter ending November 2008, house prices fell 4.4%. This compares with a fall of 3.6% for the quarter ending August 2008.

Annual average house prices were down 8.7% in England, 10.1% in Wales, 3.9% in Scotland and 16.2% in Northern Ireland.

Annual average house prices paid by first time buyers dropped 11.8% in November from the previous year. By comparison average house prices paid by former owner-occupiers were 7.4% lower.

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