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House prices dropped 1.3% during April

House prices fell again cent during April, as the gloomy mood affecting the sector deepened. According to the latest figures from Halifax, UK house price values fell by 1.3 per cent during the month.The decline followed a fall of 2.5 per cent in March and a 0.4 per cent drop in February. Halifax calculates that the average price of a UK home is now £189,027. This is some 0.9 per cent less than it was a year ago, wiping £8,000 off the value of a property. Martin Ellis, chief economist at Halifax, said: "Price falls should be viewed in the context of the substantial price rises over recent years. "UK prices nearly doubled 190 per cent over the ten years to August 2007. A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations."A separate study conducted by Nationwide found that house prices during April fell by 1.1 per cent.

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