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House prices dip

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House prices dipped in November according to the Office of the Deputy Prime Minister (OPDM).

It recorded a slight drop in the average house price from £180,444 to £180,226, showing that the market is slowing as a result of Base Rate increases.

The ODPM index comes out later than many other house price indices, but before the Land Registry figures. It is based on lending information rather than actual housing transactions, so does not include cash sales, which account for around a quarter of the market.

Economists forecast that ODPM figures are likely to show a further weakening in coming months.


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