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UK house prices experience annual fall for first time in decade, data shows

Price of average home in May was 1% lower than in same month last year, according to Halifax figures

UK house prices have experienced their first annual fall in more than a decade, according to Halifax, in a sign that the impact of soaring interest rates on household budgets has brought a halt to the country’s long housing boom.

The cost of the average home last month was 1% lower in May than in the same month last year, marking the first time that prices have fallen year-on-year on the lender’s monthly report since December 2012.

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