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House prices fall as buyers back out

House prices continued to slow last month as would-be buyers put off purchases amid the surge in interest rates.

The RICS’ buyer inquiries index fell for a sixth successive month in the sales market from -36% in September to -55% in October.

That is the lowest reading since the 2008 financial crisis, excluding spring 2020 when the housing market was largely shut because of pandemic-related measures.

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