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House prices down again in March

New data from the Land Registry has provided further evidence of a slowdown in the UK property market. According to the body's figures, the price of a property in the UK and Wales fell by an average of 0.4 per cent during March - the second month in a row in which a fall has been recorded. As a result of the decline in March, the rate of annual house price inflation has slumped from 5.3 per cent in February to 3.6 per cent. The average house price now stands at £184,798. Howard Archer, chief UK economist at Global Insight, said: "We now expect house prices to fall by seven per cent in 2008 and nine per cent in 2009. "Furthermore, the longer the credit crunch goes on and the deeper and longer the UK economic slowdown is, the greater the danger will be that an even sharper housing market correction will occur."The most marked decline was noted in Wales, where prices dropped on average by 2.2 per cent.

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