House prices fall at fastest rate since 1992

A survey by one of the UK’s biggest banks has shown that house prices have fallen by 2.5% in the last month, the fastest fall since the end of the last recession in 1992.

The HBOS House Price Index survey also revealed that there has been a 1% fall in the first quarter of the year, compared to the last three months of 2007.

Many experts in the housing industry have said this decline is natural, coming after a period of sharp house price rises.

House prices have risen by 171% in the last ten years, and by 51% since 2003.

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