House prices down 12.4%

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House prices have continued to fall across the UK for the 11th consecutive month, according to figures from Nationwide.

Prices fell 1.7% during September and are now 12.4% lower than a year ago, at an average of £161,797. A regional analysis shows prices fell across all of the UK’s regions, with the South of England hit harder than the North. Falls have remained consistent for many months and Nationwide says the pace of the housing crash seems to have stabilised after seeing rapid acceleration in the early part of 2008. Commenting on the rapid turnaround in housing market fortunes, Fionnuala Earley, chief economist at Nationwide, says: “Casting back one year there have been some astonishing and unpredicta...

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