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Investing.com -- UK house prices have fallen for the second consecutive month, as reported by Halifax, one of the nation’s largest mortgage lenders.
The average price of a home in the UK fell by 0.5% to £296,699 ($383,510) in March, following a 0.2% decline in February. Despite the drop, the values still remain 2.8% higher than the same period last year.
The decline in house prices comes as the deadline for buyers to avoid a hike in property taxes approaches. As a result, demand is returning to normal and the rate of new applications is slowing, according to Amanda Bryden, head of mortgages at Halifax.
Going forward, potential buyers are likely to face challenges. These include the new normal of higher borrowing costs, a limited supply of available properties, and an uncertain economic outlook.
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