MW: U.K. house prices fall 0.3% in Nov.: Nationwide
By William L. Watts
LONDON (MarketWatch) -- The average British house price declined 0.3% to 163,398 pounds ($254,492) in November, mortgage-lender Nationwide reported Wednesday. The average price was up 0.4% compared to the same month last year. House prices fell 0.7% in October. "Much of the weakness in property values since the spring has been driven by a return of sellers to the market, following unusually low levels of property for sale in 2009 and early 2010," said Martin Gahbauer, chief economist at Nationwide. "However, there is little to indicate that these sellers need to achieve a sale urgently for financial or economic reasons, which means that the downward pressure on house prices is only modest."
