House prices in steepest fall since GFC

House prices are falling at their fastest rate since the global financial crisis, hitting their lowest level in real terms since 2016. Prices dropped by 4.6% in the year to September, according to the latest index from Halifax. It is the steepest annual drop recorded by the mortgage lender since the summer of 2009. The average house price fell by 1.9% in August – the largest one-month decrease since November last year when the housing market was suffering aftershocks from Liz Truss’s mini-Budget. The decline is considerably more dramatic than both the 0.3% dip that had been forecast by economists and the 0.4% fall in July. A typical house in Britain now costs £279,569, which is £14,000 below the peak in September last year. The Times (£)The FT (£)The Guardian