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House prices ‘fall for the first time’ in 2012

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UK house prices fell for first time this year in July, with even the traditionally stronger markets of London and the South East starting to slow.

Figures from property analysis firm Hometrack shows average prices dropped by 0.1% in July with less buyers and more property coming onto the market.

The number of buyers registering with agents fell by 2.1% in July, with the South East seeing the greatest decline (-3.4%), according to the survey of 1,500 agents and surveyors.

London also registered an above average fall in new buy registrations of 2.4%.

In contrast, the number of new properties coming to the market grew by 1.4% in July and by 5.2% over the last three months. Over the same period demand fell by 2.2%.

Richard Donnell, Director of Research at Hometrack, said demand was starting to falter across the board: “Weaker demand is to be expected over the summer months but compared to previous years, the seasonal slowdown has started earlier and developed more rapidly than in previous years.”

“This reflects growing concern over the UK’s economy and the deepening Eurozone crisis.”

Prices fell across eight out of ten regions in July, with the North East seeing a drop of 0.5%.

London was the only region to register a price increase in July, up 0.1%, but the rate of growth slowed compared to recent months.

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