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UK house prices fall 2.4% in May, down 3.8% in a year

Britain’s biggest mortgage lender says that house prices fell 2.4% in May, the fourth straight month of declines in the once-booming housing market.

The Halifax said average prices are now 3.8% lower than a year ago, when prices were still edging upward. The report noted that the number of new buyers interested in buying a home fell for the 17th straight month in April. The number of mortgages approved for house purchases in April was half the total a year earlier. (The Economic Times)