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House prices fall 0.6%

House prices fell 0.6% to £166,203 last month, according to the latest Halifax house price index.

Martin Ellis, housing economist for Lloyds Banking Group, which owns Halifax, says: "Prices in the April to June quarter were largely unchanged compared with the first three months of the year.  This continued the slowdown in house price growth since the beginning of the year following the moderate recovery in prices during much of 2009. 

"This pattern is in line with our view that house prices will be broadly unchanged over 2010 as a whole."

He adds: "A shortage of properties for sale in 2009 contributed to an imbalance between supply and demand and was a key factor driving up house prices last year. 

"An increase in the number of properties available for sale in recent months has helped to reduce the imbalance, relieving the upward pressure on prices.  The low level of interest rates, however, continues to support housing demand."

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