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House prices drop yet again

Houses have lost 14.6 per cent of their value during the year to the end of October following 12 months in a row of plunging prices.

Figures released today by the Nationwide Building Society found prices fell by a further 1.4 per cent in October, setting a new all-time low for its house price index.

The average price of a UK property now stands at £158,872, almost £30,000 less than a year ago.

Nationwide's chief economist Fionnuala Earley said it was a further sign that the UK was heading into recession, which would put further pressure on prices.