House prices 'continue to fall'

House prices in the UK are continuing to fall with the average house value dropping by 0.9 per cent since last year, according to new research.

The figures from mortgage lender Halifax have suggested that the average price of a property stood at £189,027 in April.

According to the company, the statistics represent the first year-on-year fall in house prices since 1996, while it was also a 1.3 per cent fall on figures for March.

Commenting on the research, Halifax''s chief economist Martin Ellis said that the falls should be viewed in the context of substantial rises in the market over recent years.

He added: "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."

The release of Halifax''s figures follows the claim of the Business Mortgage Company''s spokesperson that the buy-to-let market in the UK is "still strong" despite the withdrawal of some mortgage products.

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