House prices fall to biggest drop in nine months

LONDON Feb 8: House prices plunged to their biggest drop in nine months as the market braces for significant impacts from Brexit.

Data from British bank Halifax showed they fell 2.9 percent month-by-month in January to £223,691, compared to a 2.5 percent rise in December to £230,430.

Despite this, house prices were up 0.8 percent in the three months to January compared to the same period a year ago.

But they remained largely unchanged over the course of the past 12 months, falling by just 0.8 percent from the price of £224,025 in January 2018.

Halifax managing director Russell Galley said price growth is expected “to remain subdued in the near-term”.

He warned the next year will be “important” for the housing market as the market braces itself for any potential impact from Brexit.