UK House Prices Fall Most In Over 14 Years Amid Cost Of Living Crisis, Recession Worries

(RTTNews) - UK housing market continued to slow in November as house prices decreased for a third month in a row and at the steepest rate in over 14 years, suggesting increased market volatility as households reel under the pressures of a cost of living crisis and an economic recession.

The house price index dropped 2.3 percent month-on-month, which was the biggest fall since October 2008, survey results from the Lloyds Bank unit Halifax and S&P Global showed Wednesday.

Economists were looking for a modest 0.2 percent decline in the Halifax house price index.

The annual rate of growth in house price nearly halved to 4.7 percent from 8.2 percent in October.

The average property price dropped to GBP 285,579 in November from GBP 292,406 in the previous month.
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