epa03918366 Construction cranes are reflected against a building in Central London, Britain, 21 October 2013. Recent British reports state Britain may not be facing a new housing bubble, but Jon Cunliffe, Bank of England's new deputy governor said last week UK bank lending would need to be under close watch after the government launched a new mortgage guarantee program. EPA/FACUNDO ARRIZABALAGA
LONDON: British house prices fell unexpectedly last month in their first drop since the start of 2013, easing some pressure on a fast-rising market, but they are likely to rise further in 2014, mortgage lender Halifax said.
British house prices rose strongly in 2013, bolstered by rapidly falling unemployment, greater economic confidence and schemes from the government and the Bank of England (BoE) to revive mortgage lending and construction after the financial crisis.
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