Asset Management Tips

House prices fell at their fastest rate for more than 12 years during November, new figures show.

Nationwide Building Society said the average cost of a home in the UK dropped by 0.8% during the month, almost wiping out October's unexpected jump of 1.1%.

It is the first time the group has recorded a fall in house prices since February last year and it is the biggest monthly drop since June 1995.

But the group stressed that monthly figures could be volatile, and added that November's drop was partly a reflection of the strong gain seen during October.

The fall helped reduce annual house price inflation to 6.9%, down from 9.7% the previous month, restoring the trend of slowing growth seen during the second half of this year.

The average home in the UK is now worth �184,099, nearly �12,000 more than in November last year. read more