House Prices Fall in November
UK house prices fell in November as higher interest rates and increased mortgage repayment costs took their toll, the Halifax has reported.According to the Hlaifax, house prices fell by 1.1% in November, taking the annual rate of growth down to 6.3%, compared with 8.9% in October.
The fall is the largest monthly drop since December 2006. It is also the first time since 1995 that the Halifax figures have shown house prices falling for three successive months.
Pressure is now growing on the Bank of England to cut interest rates when the MEPC meets tomorrow, amid growing forecasts of the possibility of recession in 2008.
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