Property prices were flat in November and are likely to remain this way, or edge ever slightly lower next year, according to the latest Nationwide House Price Index.
The average house price over the course of the month slipped £300 to £163,853 in November, however, seasonal adjustment which adjusts figures to fairly compare quiet and busy months rendered this as a 0 per cent change.
With just one month left of 2012, house prices look likely to be broadly flat over the year – with the index posting a December 2011 figure of £163,822.
However, prices are 1.2 per cent lower compared to November 2011 and means the average property has lost almost £2,000 in value in the past 12 months. House prices have been down on an annual basis for the last nine months in a row.
Novermber’s flat performance followed a modest 0.6 per cent monthly increase recorded by the study in October which saw the average property value hit £164,153.
According to the report, annual price growth has remained within a narrow margin of between 1.5 per cent and minus 1.5 per cent on all but two occasions over the last two years.
Nationwide said that overall, house prices have remained stable, helped by the better-than-expected performance of the labour market in the tough economy.