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UK house prices fall by 2.8% over 12 months

House prices fell at their fastest annual rate for 16 months during February as faltering demand continued to put downward pressure on the property market, figures showed today.



Property values were 2.8% lower than a year earlier, the biggest drop since October 2009 - based on average prices during the three months to the end of February and the same period a year earlier, Halifax said.

Prices fell by 0.9% during February itself, more than wiping out January's 0.8% rise.

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