Market Update - November 2009

The house price index is based on month-on-month (m/m) figures, comparing the November price index against the previous month of October.

The Nationwide figures report another rise in the house price index during November by 0.5% (m/m) against October. This is the seventh consecutive rise this year and is 2.7% higher than in November 2008.

House prices for Halifax rose by 1.4% m/m in November against the previous month, the fifth consecutive monthly rise and from April this year house prices by have risen 8.5%.

Recent months have indicated that Halifax and the Nationwide are still showing strong signs of recovery in the house price index, with both still delivering consecutively m/m rises against the previous months.

The price index is still increasing, however, this is at a much slower rate than earlier on in the year, this is following the same pattern with new buyer interest which is now also rising at a much slower pace. This may be a similar story next month as Christmas approaches, people are focusing on the expense of the festive season rather than purchasing a property.