Property market: Home prices keep on falling

House prices fell for the fourth month in a row during December as the property market continued to be hit by the mortgage drought and economic uncertainty.

The 0.2 per cent fall pushed the average house price in England and Wales down to 163,814, 1.5 per cent higher than at the end of 2009, according to the Land Registry.

The number of homes changing hands also remained subdued towards the end of last year, with 55,964 sales taking place in October, the latest month for which figures are available.

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Transaction levels were 15 per cent lower than in October 2009, although sales volumes were boosted during the final part of that year due to the approaching end of the stamp duty holiday for people buying lower-value properties.

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