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According to the monthly market report from the National Association of Estate Agents (NAEA), despite house prices across the UK plummeting in November, the percentage of first-time buyers in the housing market increased yet again to 10.4 per cent of all buyers.

Between October and November, the average price of a flat fell from £118,334 to £114,288, while a terraced house reduced in value from £151,305 to £149,589.

The average semi-detached property, worth £199,905 in October, is now worth £192,042, while the average detached property fell in value from £291,592 to £287,922.

The number of sales per agent also fell from seven in October to six in November. But during the Christmas period this is not unusual as it is always a slow time of year for the market with people reluctant to move house.

Chris Brown, president of the NAEA, 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 NAEA believes that the Christmas slow down means that the full effects of recent interest rate cuts and the Government announcements will not be felt until the New Year.

Brown said: "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."