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House prices fall at fastest rate since 2008

House prices have recorded the biggest monthly drop since the global financial crisis, as rising borrowing costs drive away prospective buyers.

The average price of a house in the UK fell by 2.3% in November, marking a third consecutive month of decline and the biggest drop since October 2008.

According to the latest index from Halifax, the typical property now costs £285,579, down from £292,406 in October.

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