| House prices fall 15% |
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| Thursday, 06 November 2008 | |
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UK house prices fell by 15% in the year to October,the biggest annual decline since Halifax began keeping records in 1983 and worse than the biggest drop in house prices which occurred during the last recession in the early 1990s.
On a monthly basis, house prices fell by 2.2% between September and October, the Halifax said. The latest fall means that the average UK home now costs £168,176, nearly £30,000 less than a year ago. The monthly fall was the biggest drop since May, and well up on September's fall of 1.3%. Annual house price inflation, which measures prices during the previous three months compared with the same period a year ago, also dropped to a new record low of 13.7% The figures are in line with those reported by Nationwide Building Society last week, which showed house prices dropped by 14.6% during the past year, losing 1.4% of their value in October. |
