Halifax: House prices fall again

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Halifax: House prices fall again

Halifax has released its latest house price index, which shows that house prices fell by 2.5 per cent in March from the previous month.

The average price of a UK home now stands at £191, 556, which is one per cent lower than in the fourth quarter of 2007.

Overall, house prices are now 1.1 per cent higher than they were in March last year, although there are some regional variations.

House prices actually rose in Greater London and the East Midlands, by 1.6 and 2.2 per cent respectively.

The West Midlands and Wales saw the biggest falls, at five and 4.7 per cent.

Martin Ellis, chief economist at Halifax, said: "Overall, we expect there to be a modest fall in UK house prices this year. Any declines, however, should be viewed in the context of the significant price rises over recent years."

The average UK house price has increased by 171 per cent over the last decade.

Last month Halifax released its most recent Quality of Life survey, which found that Buckinghamshire is currently the best place to live in Britain.
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