House prices are continuing to fall across the UK and Northern Ireland, a recent report has revealed.

The Chesterton CEBR House Price Poll of Polls for November demonstrated the sharpest annual fall in values since the survey began.

Average price of a residential property in England and Wales is now £174,371, down 11.7 per cent compared to the same month last year.

This also represents a 1.7 per cent slide since October, with values falling in all regions across the UK.

London was amongst those experiencing the largest falls, with an 11.3 per cent year-on-year decline - meaning prices are now £38,700 lower than at their peak earlier in 2008.

Robert Bartlett, chief executive officer of Chesterton, said that any hope of the property market stabilising rested on the government reducing the barriers to buying and selling property.

As well as a cut in the base rate, he called for a significant reduction in stamp duty to help tempt buyers back into the market.

The Bank of England's monetary policy committee this week reduced the base rate by one percentage point to two per cent.ADNFCR-2002-ID-18914685-ADNFCR

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