House prices in Britain fell for the second month running in October, according to HBOS Plc's Halifax house price survey on Thursday, adding to evidence that the property market is cooling.
The Halifax survey showed house prices declined 0.5 percent to £197,248 after a 0.6 percent decline in September, the first time house prices have fallen two months in a row since 2005.
The fall pushed the annual three-month rate of house price inflation down to 8.9 percent, from 10.7, in September.
U.K. house prices fell for a second month in October as higher interest rates and the prospect of slowing economic growth deterred buyers, the U.K.'s biggest mortgage lender, said.
Speculation
The survey has increased speculation the Bank of England may cut interest rates later this session, boosting gilts and interest rate futures.
Although many analysts still anticipate that the Bank may keep the benchmark rate unchanged - at 5.75 percent - when it announces its decision Thursday.
November 8 2007
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