Big dip in British house prices

London: British house prices fell for a fifth month in November as demand for property dropped the most in almost two years, Hometrack Ltd said.

The average cost of a home fell 0.8% from October to £155,000 (€181,469), the London-based property researcher said. Demand for homes, measured by the change in new buyers registering with real-estate agents, fell 4.3%, the biggest decline since January 2009.

The report adds to evidence of a weakening property market after Rightmove said on November 15 that home sellers cut asking prices by the most since 2007 this month and British banks approved the smallest number of mortgages since 2009 in October.