House prices dropped last month by the sharpest rate in nearly eight years as the slowdown in the housing market continued, according to Britain’s biggest mortgage provider.
Halifax said that house prices fell by 3.1% in April compared with the previous month — the largest single-month drop since September 2010 and the second largest since the company began publishing its data in 1983.
Economists had been expecting house prices to fall by only 0.2%.
The housing market has been cooling over the past two years, having reached a peak in March 2016, when prices were rising by 10% a year.
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