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Steepest fall in house prices for 18 years

It was reported today that house prices are falling by more than 10% a year - a decline last seen 18 years ago in 1990 during the depths of the last recession. These figures strongly support the view that Britain is set for a recession on the scale of that seen at the beginning of the nineties, and leading City forecaster, Capital Economics, has been led to predict a full-scale recession for Britain lasting the whole of next year.

The average house price has fallen by 10.5% over the past 12 months - taking an average of £30,000 off the value of a typical London home, according to Nationwide building society. The last time that the depreciation of British house prices was measured in double digits was in the middle of the recession in 1990, sparking many financial bodies to predict a similar recession set to sweep the British economy next year. These figures also showed that house prices had fallen by 2% in the last month alone, suggesting a monthly decline as well - another point which has encouraged City analysts to predict a dark future for the British economy.

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