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Nationwide releases new house price figures

House prices fell by 0.4 per cent this month, Nationwide said today.This means that the typical property is worth 13.9 per cent less than it was in November 2007, according to the lender.Last month's survey showed a 1.3 per cent monthly decline and a 14.6 per cent annual drop - suggesting that the property slump in the UK has started to abate.However, other studies released recently suggest that big economic problems remain as obstacles to a house price recovery.Unemployment is likely to increase by 900,000 before 2010 as the economy slows, business leaders suggested last week.Meanwhile, the British Bankers' Association says that mortgage provision has dropped by around 50 per cent over the last year.Nationwide chief economist Fionnuala Earley 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."The labour market is weakening, which will inevitably hinder market demand, particularly when property remains expensive relative to earnings."

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