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According to Bloomberg, the average cost of a house fell by 6.1 per cent in the three months up to June, compared to last year.
Prices also dropped by two per cent on last month to an average of £180,344.
HBOS, the UK's biggest mortgage lender, said in a statement on the Regulatory News Service: "The decline in prices is driven by a squeeze on spending power, affordability difficulties due to the rapid rise in house prices in the last few years and the decline in credit availability resulting from the crisis in the financial markets."
Despite falling house prices, accessibility to the UK housing market has failed to improve significantly for first-time homebuyers, reports the Guardian.
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