Home buyers are facing a double squeeze with reduced housing supply and inability to get a property loan as house prices fall for a fourth month, according to Nationwide.

Martin Gahbauer Nationwide Chief Economist says “Supply pressures were starting to ease and there was little to suggest house price declines would accelerate in the months ahead.” says Martin Gahbauer, Nationwide's Chief Economist.

"There are early signs that the flow of new property onto the market may be slowing down again as potential sellers observe the recent weakness in prices and decide against marketing their properties at the current juncture," says Martin.

In November 2010 prices fell by 0.3% according to Nationwide. House price long term trend fell by 0.4%. With so many new properties coming to market, the supply of stock has increased with fewer buyers.

Martin adds that this trend could lead to a repeat of late 2008 and early 2009 when similar property behaviour forced a decline in prices.
“Whereas in the 1990s the number of mortgages taken out for house purchase initially saw a large decline from unsustainable highs, it then settled close to the long-run average. In the current downturn, house purchase approvals have fallen to an all-time record low and are still close to 50% below the long-run average,” said Martin Gahbauer.
Martin adds that “a general conclusion that can be drawn is that although house prices have so far fallen by less than they did in the early 1990s, house purchase activity has fallen by more.”

As British Government is implementing toughest austerity measures, the housing market has gone into a decline. Mortgages are being offered to people with exceptional credit score. There is still a lot of evidence to suggest that price falls are gathering momentum as they did in 2008. The quarterly decline actually increased from -1.3% to -1.5%.
House prices in US are declining sharply.

Prices fell in 18 of the 20 US cities. And though the survey showed that prices are up 0.6 pc compared with last year, few are expecting a strong rally.
In New York prices are expected to reduce further.

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