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UK house prices continue to fall as interest rate rises bite
The average price of property coming on to the market fell marginally this month, according to Rightmove, but the property portal says trends have proved more resilient than most expected during the first half of the year. According to the data, the average price of a residential property fell by 0.2%, or £905, this month, marginally below the 0% norm for this time of year, as increasing mortgage costs and greater buyer affordability constraints force sellers to temper their price expectations. Recent Base Rate rises to combat stickier-than-expected inflation are biting, with the number of sales agreed now 12% ... (full story)