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Updated Friday, July 30, 2010 11:36 am TWN, Reuters

UK house prices fell by 0.5% in July month-on-month: Nationwide

LONDON -- British house prices fell 0.5 percent month-on-month in July after a flat month in June, the Nationwide building society said on Thursday, as concerns about the impact of government austerity measures dampened demand. There was also a sizeable drop in the annual rate of house price inflation, which slowed to 6.6 percent this month — its lowest since December — from 8.7 percent in June.

The month-on-month fall, the first since February, was larger than the 0.2 percent drop forecast by analysts in a Reuters poll, and took the price of an average house to 169,347 pounds (US$264,400).

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