'Record fall for house prices'

House prices are falling at a record rate, according to new figures from the Nationwide building society.

During the year to the end of July, prices shed 8.1 per cent, it said.

It is the fastest rate of decline since the building society launched its index in 1991.

Nationwide said house prices in July fell for the ninth month in a row, shedding a further 1.7 per cent of their value, nearly double the 0.8 per cent drop seen in June.

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