Halifax confirms house price fall

The latest house price index from Halifax has supported recent research from Nationwide suggesting that house prices fell sharply in November.

Halifax has said that prices dropped by 1.1 per cent last month, bringing the annualised rate of inflation down to 6.3 per cent.

The lender noted that a resilient economy is helping to support the housing market, but nonetheless the statistic represents the third consecutive month in which prices have fallen.

"Evidence is currently coming thick and fast that house prices are now cooling markedly in the face of slowing activity, increased affordability pressures and tightening lending practices," noted Howard Archer from Global Insight.

"Slowing housing demand is expected to continue to feed through to significantly dampen house prices over the coming months," Mr Archer added.

Nationwide reported last week that house prices fell by 0.8 per cent in November – the largest monthly drop its survey had seen for 12 years.

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