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UK house prices fall for the first time in a year as property market comes under pressure from inflation

The average UK house price slipped back in July from a record high the previous month, marking the first month-on-month dip since June last year, according to new data.

Following a year of exceptionally strong growth, house prices fell by 0.1 per cent in July, the Halifax House Price Index showed.

This represented a £365 month-on-month fall in cash terms from June’s record average high of £293,586.

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