House price figures released for October show another 2.2% fall. That means that house prices have dropped by a total of 13.7% over the past year, to an average of £168,176.

Put another way, prices now are equivalent to how they were in October 2005.

It's hoped that the Bank of England's surprise move this week to slash interest rates from 4.5% to 3% will re-invigorate the housing market and help slow the fall in the value of property; all eyes now are on the banks to see if they will actually pass on the interest rate cut to borrowers.

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