Latest figures have provided further evidence of a slowdown in the UK property market.

The Council of Mortgage Lenders (CML), British Bankers Association (BBA) and Building Societies Association (BSA) all report that mortgage lending continues to slow.

CML figures showed gross lending fell by almost 4% in November as the number of people buying new homes also continued to drop.

In a similar report the BBA further compounded the gloom by saying underlying mortgage lending rose by £4m in November, compared to October's £4.29m.

With loans for new property purchases falling by 25% year-on-year the currently this is lowest total seen since February 2003, figures from the CML show lending fell to just over £25bn in November, from £25.5bn a year earlier.

The same news has come from the Building Societies Association reporting that the value of mortgage approvals, loans agreed but not taken up stood 32% lower than at the same time last year, at £2.98bn.

The average asking price of a house has fallen by more than £600 with the average now standing at £189,733, while the length of time it takes to sell a home increased from eight weeks almost twelve weeks.

Estate agents are now reporting an increase of unsold properties on their books, in some areas this is as much as 60% up on last year

There is a trend towards discounting to move properties in a reasonable period of time, simply governed by supply and demand.

Overall, asking prices have fallen 3.3% since the middle of the year with a fall £6,500 on average.

The general opinion is that prices will continue to fall throughout 2005 although this will not be as pronounced as 2004, the only comfort that can be gained is that the market should stabilise with the slow down.