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House prices fall for the first time since 2012

House prices have recorded a year-on-year fall for the first time since 2012, Halifax has said.

Figures from the lender showed May’s prices were down 1% compared with May 2022.

It comes as the Royal Institution of Chartered Surveyors warned that expectations about further interest rate rises are likely to add downward pressure on the market in the months ahead.

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