House prices in biggest fall for 15 years as credit crunch bites
House prices fell by 2.5% during March, their biggest monthly fall since the 1990s housing crash, as the credit crunch and market jitters continued to deter homebuyers. The figures were published by the UK's biggest mortgage lender, the Halifax. House prices are now 1.1% higher than they were a year ago, the slowest annual growth rate for 12 years. Gordon Brown claimed the UK was well placed to deal with global economic crises, saying the figures should be seen in the context of 10 years of big increases and low interest rates.