Biggest House Price Fall ever recorded!
The Halifax one of the countries biggest mortgage lender revealed house prices falling by 2.6% in November 2008 alone.
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.
The Bank of England is under huge pressure to slash interest rates by at least 0.5% and most analysts predict a 1 percent decrease is required due to the economy taking a sharp turn for the worse. "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.
Halifax data revealed the average price of homes falling to £165,605 in November – which is an 18% fall from their peak in August 2007!
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