House prices fell by 0.1% in November, while in the previous three months to November were 2.1% lower than in the preceding three months, according to the latest Halifax house Price index.

Prices in November were 2.4% lower than at the end of 2009 and house prices are now marginally lower than a year ago. Prices in November were 0.7% lower on an annual basis as measured by the average for the latest three months against the same period a year earlier. This was the first annual decline since November 2009 and continues the recent downward trend from a high of 6.9% in May.

Martin Ellis, Halifax’s housing economist, said: “The rate of decline in prices on the three month-on-three month measure has picked up over the past few months