UK house prices may fall 8% this year, according to major lender 

Halifax director says they expect a drop in both supply and demand as buyers and sellers remain cautious

Halifax said its measure of property prices fell 1.5% last month after a 2.4% decline in November.

UK house prices are on track to drop 8% this year, the first annual drop since 2011, after declining for four months in a row, a major mortgage lender has said.

Halifax said its measure of property prices fell 1.5% last month after a 2.4% decline in November. The figures are similar to a reading from Nationwide Building Society, which last week reported the longest slump in prices since 2008.