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House prices slump in October

Prices fell 0.7% last month according to the Halifax index

House prices continued to fall for the fourth month on the trot, sliding a further 0.7% in October according to the Halifax price index. House prices now stand at an average of £158,426. This represents and overall fall of 2.8% for the last year. Despite being officially out of recession Britain’s economic outlook is still bleak as the economy struggles and a worsening of the Eurozone crisis seems likely.

Halifax economist Martin Ellis said: “Signs of a modest deterioration in the trend in house prices continued in October. The weak economic background has been a key factor dampening housing demand this year. Recent encouraging developments relating to the level of overall economic activity and conditions in the labor market, however, may help to support demand and underpin house prices around current levels over the coming months.”

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