A major retreat in the UK house prices in November, the lowest dip in the past 14 years flanked by aggressive interest rates hike, which caused a decline in the houses purchasing power.

The prices dipped by 2.3%, marking it the third slip in a row. As stated by the mortgage lender.

The currently average house price in the UK is around £285,579 which ticked below October’s £292,406.

The figures demonstrate that the housing market is geared towards decline.

During the previous weeks, the mortgage rates nudged up over 6%, hitting the highest level since the financial setback worldwide.

Speaking of the capital, the home prices in London edged up by 5.2% only in November, falling below October's figures at 6.6%.

The slow in demand is not limited only on the housing category as it extended to other real-estate sectors, as it obviously hurt the construction field in the UK during November.