Business UK house prices fall 2.3% in November, their biggest drop since 2008

UK house prices fall 2.3% in November, their biggest drop since 2008

Archive – 13 August 2022, United Kingdom, London: The sun rises behind Big Ben, at the Houses of Parliament, in Westminster, as a drought has been declared for parts of England following the driest summer for 50 years. Photo: Dominic Lipinski/PA Wire/dpa – Dominic Lipinski/PA Wire/dpa – Archive

The price of housing in the United Kingdom registered a drop of 2.3% in November compared to the previous month, when it had fallen by 0.4%, which represents the third consecutive monthly drop and the most intense since October 2008. coinciding with the global economic and financial crisis after the collapse of Lehman Brothers, according to data published by the Halifax mortgage firm.

In this way, the average price of housing in the United Kingdom stood at 285,579 pounds (331,580 euros), the lowest since last March.

“While a market slowdown was expected due to known economic headwinds, and following such high house price inflation, this month’s decline reflects the worst market volatility in recent months.” Kim Kinnaird, director of Halifax Mortgages.

However, despite the sharp drop in prices observed in November, the expert recalled that prices are still some 12,000 pounds (almost 14,000 euros) above a year ago and more than 46,000 pounds (53,400 euros) per above the level of March 2020, prior to the pandemic.

“The market may now be going through a normalization process,” he stressed, noting that future developments will depend on factors such as the state of the economy and the labor market, as well as increases in interest rates and the cost of living. .

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