House prices in England register the biggest drop in the last 14 years
UK house prices fell 2.3 percent in November this year, recording the steepest monthly drop since the 2008 financial crisis.
In the statement issued by Britain’s Halifax home loan finance institution, it was reported that house prices in the country fell 2.3 percent in November, with the average house price falling from £292,406. to 285 thousand 579 pounds.
In the communiqué, which indicated that house prices in the country increased 4.7 percent annually as of November, it was recalled that said data stood at the level of 8.2 percent in the same month of the previous year.
‘NORMALIZATION IN PRICES’
Halifax Home Loan Director Kim Kinnaird, whose assessments are included in the statement, said there is a process of normalization in home prices in the country and that price performance next year will largely depend measure of inflation.
“While a slowdown in the market is expected given high house price inflation, this month’s decline reflects the worst market volatility in recent months,” Kinnaird said.
While the British economy contracted 0.2 percent in the third quarter of this year, the Bank of England reported that the country had entered a recession. In November this year, food prices in the country increased by 14.6 percent.
Inflation in the UK continued to rise, especially driven by energy and food prices, hitting a 41-year high of 11.1 percent in October. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
