House prices falls 'beginning to soften'

November saw house price falls begin to ease, according to Nationwide.

The UK building society's monthly index has revealed that prices fell by 0.4 per cent in November, compared with a 1.3 per cent drop in the preceding month.

Homeowners that are looking to sell their own home to fund a self build project could be boosted by the news.

Nationwide now estimates the average house in the UK to be worth £158,442.

Sellers may be aware that this price is roughly £25,000 less than it was at the same time last year but anyone who snapped up their home five years ago could still effectively pocket a £25,000 profit on their property to go towards the plot of a self build.

The moderation of house price falls has brought the year-on-year rate of decline down to 13.9 per cent for November, down from 14.6 per cent in October.

Paul Holmes, operations director of Firstrung.co.uk, has claimed that any correction in property prices is good for the housing market.