UK House Prices Fall At Fastest Rate In 16 Years - Halifax
UK house prices fell at their fastest rate in November for sixteen years, according to data from the Halifax Building Society released Thursday.
House prices plunged 2.6 percent in November from the previous month, following on from a 2.4 percent decline in October, they said.
That's ten straight monthly declines in a row, and the largest monthly drop since September 1992.
UK house prices are now back to the same levels they were in July 2005, according to the data.
The figures make depressing reading and add further encouragement for the BoE to drop interest rates later today. If they cut by a further one percent to 2% then that will be the lowest interest rate in the UK since the bank was founded in 1694!
House prices plunged 2.6 percent in November from the previous month, following on from a 2.4 percent decline in October, they said.
That's ten straight monthly declines in a row, and the largest monthly drop since September 1992.
UK house prices are now back to the same levels they were in July 2005, according to the data.
The figures make depressing reading and add further encouragement for the BoE to drop interest rates later today. If they cut by a further one percent to 2% then that will be the lowest interest rate in the UK since the bank was founded in 1694!
