New figures show that the rate at which UK house prices are falling eased 'significantly' this month but a market recovery still remains some way off.
The average cost of a home dropped by just 0.4% during the month, compared with a slide of 1.3% during October, according to Nationwide Building Society.
At the same time, the annual rate at which prices are falling eased to 13.9%, compared with a year-on-year drop of 14.6% a month earlier.
It is the first improvement in annual house price inflation since October last year, when the year-on-year rate at which prices were rising first began to decline.
Fionnuala Earley, Nationwide's chief economist, said: 'In spite of the moderation in house price falls recorded in November, with the economy in recession, conditions do not appear very favourable for a swift recovery in the housing market.'
She added that, with prices falling at their current rate, there was little incentive for new borrowers to hurry into the market.
