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London - House prices in the United Kingdom fell by 2.5% in March, the biggest one-month drop since 1992, a major mortgage lender said on Tuesday.
The Halifax said house prices in March were 1.1% higher than a year earlier, the lowest rate of annual growth in a dozen years.
"Overall, we expect there to be a modest (low single-digit) decline in UK house prices this year," the report said.
"Any declines, however, should be viewed in the context of the significant price rises over recent years. UK prices have increased by 171% over the past 10 years and by 51% over the last five years."
In the first three months of this year, the Halifax said house prices in greater London rose by 1.6%, but prices in the west Midlands fell 5% and in Wales the drop was 4.7%, the Halifax said.
- AP