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House prices in London fell below the £500,000 mark on average in November, reports the Guardian. According to figures from real estate agency Haart, while prices rose nationally by 0.6% in the past month, they fell by 1.9% in the capital. Prices in North London fell 6.7% in November, while prices in the south west of the capital were down 14% year-on-year.

Why have oil prices dropped? Not because of Opec, say Gulf state members: Arab Gulf Ministers have argued that tumbling oil prices are not the fault of the Organization of the Petroleum Exporting Countries (Opec), and maintain that their countries will not cut oil production to counteract the fall.

Chinese buyers eye new build city property: Chinese interest in the investment potential of high-end Scottish residential property may help prop up a slower market, according to letting and estate agents DJ Alexander.

Tough times in U.K. grocery market to take another 18 months to two years before improving: Sainsbury’s Boss: Sainsbury’s Chief Executive Mike Coupe believes it will take another 18 months to two years before the ‘extremely challenging’ conditions in the grocery market improve

Hate walking to Harrods? Then you’ll have to pay an extra £1 million for a house: Homes close to London’s Harrods department store are so in demand that the average price within a five minute walk has soared to £2.4 million – almost double the average for the borough of Kensington and Chelsea.

London’s most unpopular borough in which to buy a house: Demand to buy a house in Westminster has plummeted this year as the central core of London’s property market continues to suffer following George Osborne’s radical stamp duty overhaul.

House prices falling in a third of U.K., study shows: House prices are falling in almost a third of the U.K.’s local housing markets, according to research findings that suggest tighter mortgage lending rules have cooled the market boom.

Oil rout would have wrecked an independent Scotland’s finances: Scotland’s North Sea revenues would have slumped to one fifth of Holyrood’s preferred forecasts in its first year of independence if Scots had voted Yes in September, according to an Office for Budget Responsibility simulation using current oil prices.

Saudis insist oil supply cuts are not needed: Gulf states insisted that oil prices will recover without intervention from the Opec cartel, arguing that current prices will boost global economic growth.

North Sea producers in line for big tax breaks: The Treasury is considering major tax breaks for North Sea oil producers to drive investment in the industry amid fears that the dramatic fall in prices will deter exploration, cost jobs and hit the public finances.

At 0430GMT today, Brent crude oil one month futures contract is trading 1.43% or $0.88 higher at $62.26 per barrel, following optimistic comments by Saudi Arabia regarding world economic growth which would boost crude oil demand and prices. On Friday, the contract climbed 3.56% or $2.11, to settle at $61.38 per barrel, after Saudi Arabia’s Oil Minister stated that the current decline in oil prices was temporary.

U.K. house prices to rise ‘just 3%’ next year but London will flatline as expensive boroughs are hit by stamp duty changes: Property prices in Britain will rise three % next year with strongest growth in the North West, South East, West Midlands and Yorkshire and Humber, according to latest predictions from the Royal Institution of Chartered Surveyors.

MerryXmas Mate

Making a mint this Christmas: Aristocratic London property dynasty gets a £36 million cash injection thanks to property boom in the capital: The aristocratic family behind property firm The Howard de Walden Estate, which is focused on London’s Marylebone, have shared £36 million in dividends.

Santander boosts financial safety net as tougher stress tests loom: Santander U.K. has been handed £300 million by its Spanish parent to bolster the bank’s capital position as Britain’s biggest lenders prepare for a tougher round of Bank of England stress tests in 2015.

Ray of light for Serco as investigation is dropped: The scandal-struck outsourcer Serco took a vital step forward in its rehabilitation with the Government, its biggest customer, after City of London Police dropped their year-long investigation into its £285 million prisoner transport contract.

Oil traders take a festive breather: Oil prices rose above $60 a barrel as traders scrambled to cover their short positions before the festive season.

Oil prices declined this past week, following refusal by OPEC members of slashing oil production, despite plunging oil prices. Saudi Arabia and UAE reiterated OPEC’s stance of not reducing output even if prices declined to $40 a barrel. Meanwhile, oil prices stabilised to an extent after the EIA reported that US crude oil stockpiles dropped in the week ended 12 December Separately , the API announced that that US crude oil stockpiles increased in the last week. Brent crude oil prices fell 1.2% to $61.38/barrel

Share buyback according to City AM

Oil heavyweights rose as the price of Brent and US crude recovered from earlier falls to stand 1.7% and 2.9% up respectively just before the close in London. BP gushed 10.45p to 413p, Tullow Oil spurted 27.2p to 424.2p, BG Group lifted 25.5p to 901.3p and Royal Dutch Shell 'A' stock advanced 65p to 2170p.