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UK house prices back on the decline, says Halifax
Business digest: A lack of demand is to blame as the cost of an average home falls to £164,708
House prices in the UK fell by 0.7 per cent in the three months to November this year compared to 2009, according to the Halifax. It is the first time there has been a decline in a year.
Prices also fell by 0.1 per cent month-on-month from October to November and the average cost of a house is now £164,708 says the Lloyds-owned mortgage lender.
When compared to the previous three-month period there was a drop of 2.1 per cent in the value of homes.
Halifax housing economist Martin Ellis said the declines were well below the levels seen in 2008 and explained: "The highly mixed picture of monthly house price rises and falls recorded this year continued. Such a varied monthly pattern is consistent with a relatively flat underlying trend for house prices."
He said the decrease was due to a higher number of properties being put on the market combined with a lack of demand.
Read a full report at the BBC. ·
