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House prices fall for third consecutive month

Average house prices drops by 0.1% in October

House prices fell for the third month on the bounce in October according to the property analytics firm Hometrack. Despite this news the report is largely positive. There has been a 9.2% increase in sales and a small increase in the number of buyers registering with agents. This was largely driven by a 3.9% rise in new buyer applications in London. Moreover, Hometrack recorded it’s lowest year on year fall in price inflation for two years.

Richard Donnell, director of research at Hometrack said “taking a broader view of the market, year-on-year house price inflation is currently registering the lowest level of price falls for two years. This is down to a strong spring market in 2012 and a steady firming in underlying pricing levels in the north of the country – an area where values over the last 12-18 months have come under sustained downward pressure.”

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