House prices in the UK have seen their biggest fall in 12 years during November, mortgage lender Nationwide has said.

The data from Nationwide suggests that the cost of an average home in the UK slid by 0.8% from a month earlier, making it the first drop in prices since February 2006.

BBC news states that the annual rate of house price inflation now stands at 6.9%, down from 9.7% reported in October.

The annual rate of house price inflation is now 6.9%, down from 9.7% in October.

The Bank of England has stated that the number of mortgage approvals fell to a near three-year low.

According to the Bank’s latest report, 88,000 new mortgages for home buyers were approved in October, 12% lower than in September and down 31% from October a year ago.

Full article at BBC.co.uk.