A seemingly relentless fall in house prices eased off in November after a report urged the Government to act immediately to stimulate the flow of mortgage funds to the UK banking industry.
According to Nationwide's latest House Price Index, prices fell by just 0.4% this month, down from October's 1.3% slump. The mortgage lender says this represents a 13.9% fall since November last year, but this has also eased from October's 14.6% annual fall. It follows the publication of the Crosby review on 24 November which called on the Government to intervene in mortgage finance markets "with the explicit objective of containing the impact of the financial turmoil on consumers and the wider economy". Nationwide's chief economist Fionnuala Earley says: "In spite of the moderation i...
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