UK house prices fall to 7-year low

Last month, the average price of a house prices in the UK has fallen the most in almost seven years, new figures have found.

According to data from Hometrack, the average asking price for a residential property in England and Wales has dropped by 6.2 per cent on last year to £165,300, reports Bloomberg.

In addition, the number of houses being bought and sold has also fallen to the lowest level for four decades.

Richard Donnell, director of Hometrack's research unit, said: "Weak demand continues to put a downward pressure on house prices [...] It is very hard to identify the mechanisms by which the current cycle of weak confidence, declining sales volumes and falling house prices can be reversed in the near future."

In similar news, UK mortgage approvals fell to 32,000 last month, while the value of loans dropped to the lowest level since April 1993.

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