By Daniel Hunter

The Nationwide building society have released data that shows UK house prices are falling slowly.

Its latest monthly survey says average prices have been unchanged this past month at just under £164,000, and are 1.2% lower than in November last year.

The annual rate of inflation has now fallen for nine months in a row, albeit at a very slow pace.

"UK house prices were unchanged over the month in November, after taking account of normal seasonal factors," the Nationwide's economist, Robert Gardner, said.

"Moreover, annual price growth has remained in a narrow band between +1.5% and -1.5% on all but two occasions over the past two years.

"The UK labour market has performed much better than expected since the onset of the financial crisis, and this in turn has provided significant support to the housing market," he said.

"The resilience of employment together with the ultra low level of interest rates has been instrumental in preventing a glut of unsold homes from building up on the market and exerting sustained downward pressure on house prices."