Date: Monday 19 Jul 2010
House prices fell for the first time this year according to the latest monthly survey by property website Rightmove, prompting economists to suggest the recent rally could be about to go into reverse.
The online group said average asking prices for a home in England and Wales fell by 0.6% to £236,332 in the four weeks to 10 July.
The 7% rise in house prices since January would also be wiped out by wiped out by the end of the year, Rightmove added.
More houses are coming onto the market and fewer buyers are prepared to take the risk of buying while economic conditions are so uncertain.
The survey prompted economist Howard Archer at IHS Global Insight to suggest his UK house prices could fall by 3% to 5% in the second half of 2010 and by a further 5% to 10% in 2011.
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