Halifax has reported that house prices fell again during the month of November. The total was only 0.1 per cent, but adds more despair to an already struggling market. Halifax also indicated that the average property is now an estimated 0.7 per cent less costly compared to a year ago.

With a higher number of properties on the market and demand for those properties waning, prices are struggling to stay as high as they currently are. The average price for a UK property sits at 164,708 pounds.

The bigger picture shows a less dramatic price change. A three-month comparison versus the prior three months indicates a 2.1% fall.

Martin Ellis of Halifax pointed out though, the drop is still not as drastic as the 6% drop seen in the 2^nd half of 2008.

He commented on the current trend, saying: "There are some tentative signs that homeowners are becoming more reluctant to put their properties on the market which, if continued, will help to relieve the current downward pressure on prices.

"Interest rates are likely to remain very low for an extended period, which will support the improved mortgage affordability position for homeowners.

"As a result, we do not expect to see a significant fall in house prices."

Housing market insiders claim the declining prices have occurred due to the lack of availability of affordable mortgages, especially for first-time buyers.

Philip Clarke of Fisher Property Services commented on demand within the market, saying: "Demand for property in the still uncertain climate remains muted. Even where there is demand, and it does still exist, the problem is a lack of finance."

He added: "The great mortgage famine of the past three years shows no sign of subsiding."

The number of mortgage products available to those providing 10% or less remains extremely low.