North East house prices hit by biggest fall

House prices are falling in the region
House prices are falling in the region
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HOUSE prices have continued to fall, with the North East seeing the biggest annual decline in values, new figures show.

There was a 0.9 per cent drop in prices nationally in October, compared to the previous month, bringing the average value of properties sold in England and Wales down to £159,999, according to the Land Registry.

The latest fall comes on top of a 0.6 per cent drop in September and leave house prices 3.2 per cent lower than they were a year previously as the squeeze in consumer spending power, the weak job market and the eurozone debt crisis hits confidence.

The annual fall in North East prices was 7.2 per cent.