First-time buyers should not be suckered into the market by Nationwide and other lenders talking it up. If you're renting, thank your lucky stars and carry on as you are for another couple of years. We aint seen nuthin yet. Time to buy will be when the market has fallen by some 25-30% from the peak.

Ed, London, UK

Having just built a medium sized detached house in the SE - it cost ~£100k complete total inc. services etc. (costing some of my labour in that figure). Land not included!

But beware of professional fees!

Houses in the SE need not cost more than £150k if land was released.

50%down = normality

Tom, Ramsgate, UK

Could be the slow down that leads to bottoming out. It all depends on how the lending societies react as well as a lot the other factors at play in the economy. No FTBs means prices will still fall further. Another 15% maybe? I just don't think we can predict for certain.

The Doomsayers await!!

Darren Ward, Manchester, UK

Dont worry they will fall to 50% of 07 prices it is just a matter of time.
And I do feel sorry for those with increasing negative equity this will not improve for another 7 years, at least.

speedo, london,

Hey Dick. Come on, only 30%. It would be much better if they fell by about 90% don't you think. That way, everybody could afford a nice house and we could all live happily ever after.

Tom, london,

dickw, why on earth do you want another 30% drop?? Are we not suffering already??!! We need price stability and at the moment the prices are correct... What we need is back to basics 3.5x salary and more mortgages and incentives to bring back the first time buyers!!! Wake Up!!!!

riz, bradford, uk

Odd for me looking at these reductions.
Havn't seen anything of the kind, here in
North Worcs.

Considering, most houses arn't selling the
reluctance to reduce sort of gets my
admiration. ( In a perverse way ).

The'r waiting for," normal service " to resume.

M . Walker., Nr. Bromsgrove., Worcs.

Don't worry Steve. The amount that would be needed to support house prices at this level are so astronomical that it would make the bank bailouts so far look like pocket money. The government would be throwing good money after bad and they know it. Your tax money will be wasted on other things first

Frank Hegarty, Farnborough, UK

it makes me so angry that Labour gov spending billions to prop up housing market. I want my kids to able to afford a home !

Steve Timms, Edinburgh, uk

Still the same old names desperate for the housing market to keep falling and people to loose thier homes and jobs, I say the same as Ive said before. "be careful what you wish for". Our economy relies very heavily on the property market this year has proved that. I suggest just 6 months to go!

bunta, Bristol,

That is a bit of an optimistic spin on things. Mortgage lending is still 50% down on 2007, and so it should be, to avoid a further credit-fuelled boom (& bust). Mortgage rates have generally increased for new mortgages. So there is little evidence that the interest rate cut had much effect.

David, London, UK

japanese property prices fell for a decade slowly due to the government lowering the interest rate to almost zero. rather than a crash we could have a long term fall. personally, i think its going to be a crash all through 2009. sorry, did i say crash? i mean't return to affordability.

pk, london, uk

only 30%?
At least another 40%!!!!!

riccardo, brussels,

I am sick of people asking the government to rekindle the housing market with taxpayers money. People selling houses should ask realistic prices. Estate agents say if houses are correctly priced they will sell. Wake up you dozy people and get your hands off my money

Colin MacMillan, Redditch, UK

During previous periods of house price fall, there were always months were the pace of decline would slow. This did not lead to a trend reversal. Therefore November’s figures do not suggest by any means that house price fall is coming to an end.

Alex, London,

This is now the calm before the storm !!

Once the job losses & repossessions kick in early next year the floodgates will open further depressing prices.

I still expect a further 20% decrease in 2009.

Christopher Peers, Manchester, UK

A temporary blip on the way down, I think.

Ian, london,

Very bad news. House prices still need to fall another 30% or so to make them realistic.

DickW, Aberdeenshire,