House prices dropped by 3.6% from August to September marking the biggest fall on record, according to a report by Halifax. However, the bank said that it is too early to conclude that the fall is the sign of a sustained drop in prices.
The survey found that the average price of a home in the UK is £162,096. The quarter on quarter comparison showed a 0.9% fall in prices, which is often considered to be a better indicator of the changing state of the current housing market.
Despite a drop from the 4.6% rise recorded in August, figures are still 2.6% higher than the same period last year.