House prices in Britain plunged 12.4% in September compared with the same month in 2007, the biggest drop on record, according to mortgage lender Halifax.
Halifax, part of British banking group HBOS, said it was the sharpest 12-month drop since the series began in 1983.
Prices sank by 1.3% in September from August - the smallest monthly drop in the past seven months.
'The ongoing pressures on householders' income, combined with the reduction in the availability of mortgage finance mean that market conditions will remain challenging,' Halifax said in its report.
