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The monthly report from the National Association of Estate Agents (NAEA).
revealed that house prices continued to drop in November.

However the survey also revealed that for the third month in a row the percentage of first time buyers in the housing market increased. The number of first time buyers as a percentage of buyers rose to 10.4 per cent.

Chris Brown, President of the National Association of Estate Agents, said: “November, and indeed December, is always a quiet time for the housing market because people are reluctant to move home over the festive period.

“Bearing that in mind, and after what has been the most difficult year for the market in a very long time, these figures are definitely not as bad as expected.

“In fact, while it may seem a meagre offering, the glimmer of positive news that some of these figures reveal can give estate agents across the country some hope for a more prosperous 2009.

“The market is still waiting to feel the impact of recent interest rate cuts, and if the major lenders commit to making mortgages available to those who want to buy then the market should improve next year.

“For tens of thousands of people, their New Year’s Resolution as 2008 draws to a close will be to get onto the property ladder, or to move further up it. We must all do what we can to help them achieve that goal.

“The demand for property is there – so in 2009 we need political will, professional integrity and financial commitments.”