UK house prices fall at the fastest rate in 14 years

In November, house prices in the UK dropped at the sharpest pace in 14 years. Halifax explains that the decline in prices began after a spike in interest rates, which reduced the availability of real estate properties.

The mortgage lender said prices fell 2.3% last month. Price reduction occurs for the third time in a row. A typical property in the United Kingdom now costs £285,579 ($346,280), whereas in October, it cost £292,406.

The findings add to the evidence that the housing market could face a protracted downturn. Last week, mortgage lender Nationwide Building Society said home prices fell 1.4% in November. According to the financial institution, this represents the fastest drop since the global financial crisis of 2007-2008.

Halifax Mortgages director Kim Kinnaird said some moves have been put on hold. She explained this by the fact that housing buyers feel the growing pressure when thinking about whether they can afford it or not.