Biggest house prices fall ever recorded

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Further falls predicted for the UK

The Halifax, who are one of the countries biggest mortgage lender revealed house prices falling by 2.6% in November 2008 alone.

You can read check the latest house price index by visiting the group website

In UK housing history, this is the biggest decline since 1992 when Britain was emerging from a year-long recession. Over 2008 alone house prices have dropped by an average of 14.9% according to Halifax, which is a new record since records began in 1983.

Now might be the right time, with property prices predicted to fall further over the upcoming years you can cash in on your property before potentially losing thousands.

Bank of England must surely cut interest rates.....right?

As it stands the Bank of England is under immense pressure to drastically cut interest rates, many industry analysts are stating a 1% reduction is required.

"The very sharp fall in house prices reported by the Halifax adds extra late pressure on the Bank of England to deliver a very large interest rate cut today," said Howard Archer, economist at IHS Global Insight.

According to the Halifax, £165,605 is the new average home price – this is an incredible 19% decrease from August 2007!

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