House prices fell by 1.3% in December, contributing to a 1.6% decline over the whole of last year, according to figures released by the Halifax this morning.However, the lender pointed out that the quarterly price change (lenders' preferred measure because it smoothes out monthly volatility) from October to December dropped just 0.9% compared to the previous quarter. Martin Ellis, housing economist for the Halifax, said the quarterly rate of decline was "significantly less than the quarterly falls of 5%-6% during the second half of 2008".
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