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North-west property prices falling

21/07/2008

The cost of housing in north-west England is continuing to fall, the results of a new study suggest.

Figures compiled by the property website Rightmove show that the average asking price for a home on the market in the region this month is £175,757, down from £177,158 in June.

The statistics also show the current average asking price is 2.6 per cent lower than the £180,520 recorded in July 2007.

Rightmove's report noted that the national average asking price for a residential property is now £235,219, a fall of two per cent from 12 months ago.

The website's study comes after figures compiled by the Land Registry revealed that property values in Greater Manchester fell by an average of 0.5 per cent in May.

However, the government body's statistics showed property values in the city of Manchester itself rose by 0.1 per cent during the month.