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According to the FT House Price Index for June, despite the drop, the value of a house in the UK is still 1.2 per cent higher than at the same time last year.
Peter Williams, chairman of Acadametrics, the compilers of the index, said: "We are witnessing a continuing contraction of the housing market with little sense of when it might end."
Mr Williams added that the number of housing transactions for March, as measured by the Land Registry for England, was less than half the volume for the previous year.
Yesterday (June 10th), Halifax revealed that house prices fell by 8.6 per cent in the three months leading to June, compared to 12 months previous.
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