Tuesday, April 8, 2008

House prices fall in the UK

House prices across the nation saw the largest monthly fall since 1992 last month, according to Halifax, prompting the country's largest mortgage lender to cut its forecast for prices for the rest of the year.

Halifax, which is part of the HBOS group, reported that property prices fell an average of 2.5pc overall, and as much as 5pc in some areas.

The lender, which previously had predicted flat growth for the current year, now expects a "low single digit" fall in house prices this year - indicating that prices could fall by up to 5pc.

So the Bank of England cuts rates Thursday.

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