Record fall in property prices

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UK homes lost a further 1.9% of their value during the month, pushing their average price down to £199,732 - the first time the figure has dipped below £200,000 since November 2006, according to the Department of Communities and Local Government.

The data came as the Royal Institution of Chartered Surveyors said the number of homes changing hands had fallen to a new record low during the three months to the end of December at an average of just 10.1 sales per chartered surveyor estate agent.