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UK house prices fall further

The rate at which UK house prices are falling increased in January, but not by as much as the Nationwide or Halifax figures, according to the government’s house price index.

January prices were 11.5% lower than a year earlier; the year or year fall for December was 10.2%. a faster rate of decline than the 10.2% annual fall seen in December.

The government’s index is based on home sales completed in January and is published by the Department for Communities and Local Government (DCLG) The figures from the Nationwide and Halifax are based on mortgage approvals and their latest figures suggest the rate is nearer to 18%.

Prices have fallen fastest in Northern Ireland, down 14.3%, and are highest in London.

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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