House prices have fallen at the greatest annual rate in more than 10 years, according to the Halifax house price index
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The cost of property fell fastest in the south of England as overall prices fell for the third month in a row. While the yearly decrease was significant, the monthly decrease was small. Just a 0.1% contraction was recorded.The significant annual drop has more to do with"historically high" prices last summer than recent movements in the market, according to experts.As a result, any fall in house prices will appear steep when compared to how expensive buying a property became last summer.
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