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UK house prices fell 2.7% in August - DCLG House prices dived by 2.7% during August as the number of first-time buyers getting on to the property ladder slumped to a record low, figures showed today. The average cost of a home dropped to £211,410 during the month, driven down by a 5.1% fall in the value of flats and a 3% slide in the cost of terrace houses, according to Communities and Local Government. The figures came as the Council of Mortgage Lenders said just 15,600 people bought their first home during the month, the lowest level since it began to collect data in 2002 and less than half the 34,800 who bought a property in August last year. The drop was accompanied by a further tightening in lending criteria, with first-time buyers now putting down average deposits of 16%, the highest level recorded by the CML, and... [read full story]
