House prices across the UK 'plummeted' in November, according to the latest monthly market report from the National Association of Estate Agents (NAEA).
From October to November, the average price of a flat fell from £118,334 to £114,288 while a terraced house reduced in value from £151,305 to £149,589.
The average semi-detached property, worth £199,905 in October, is now worth £192,042 while the average detached property fell in value from £291,592 to £287,922.
The number of sales per agent also fell, from seven in October to six in November, but still remains higher than the low point of five in August. However, on the positive side, the number of first-time buyers as a percentage of buyers rose for the third month in a row to 10.4%.
"November, and indeed December, is always a quiet time for the housing market because people are reluctant to move home over the festive period," says Chris Brown, president of the NAEA.
"Bearing that in mind, and after what has been the most difficult year for the market in a very long time, these figures are definitely not as bad as expected.
"In fact, while it may seem a meagre offering, the glimmer of positive news that some of these figures reveal can give estate agents across the country some hope for a more prosperous 2009, he concludes."IFAonline
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