Property prices fell by an average of 0.7%over the last month, with home owners asking lower prices in all regions except London. Financial Times, Sunday Times.

In London, prices went up by 2.3%, although figures were flattered by the introduction of home improvement packs.

Rightmove, the property website, reported that property was taking longer to sell.

The average time on the market jumped from 85 days to 92 days in the space of one month, the highest November figure since it started keeping records five years ago. But sellers and buyers were holding back, resulting in little change to the number of homes on the market.

House price growth is set to stall next year, according to the latest figures released by Nationwide.

The building society predicts house price inflation will fall from its current level of 9.7% to zero next year.