The property market has finally stabilised after months of slow decline for house prices, according to Nationwide.

The property market has finally stabilised after months of slow decline for house prices, according to Nationwide.

There was also a reported four per cent rises in sales during November, with houses now selling after an average of just under 12 viewings.

Further research by Nationwide revealed that the annual growth rate was 2.4 per cent, which is a decrease from last year's inflated figures. The amount for October was 3.3 per cent.

Richard Donnell, director of research at Hometrack property website, commented: "A move to more realistic pricing of property over the last year, combined with the cut in interest rates in August 2005, has resulted in some pent-up demand feeding back into the market over recent months."

However, Mr Donnell added that average prices were unlikely to change over the next few months.

The average house price is now £157,139, a rise of just £32 from last month.