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House prices drop by 3.2% 'on Hips effect'

UK house prices fell by 3.2% in December, as seasonal factors and the full roll-out of home information packs (Hips) took their toll on an already slowing market, property website Rightmove claimed today. The website's latest survey of asking prices showed a dramatic fall from an average of £239,986 in mid-November to £232,396 this month.

target="_blank">The fall brought down the rate of annual price inflation from 7.9% last month to 4.8%