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U.K. Halifax House Prices Drop Unexpectedly In September

U.K. house prices dropped unexpectedly in September, data from Lloyds Banking Group's Halifax division revealed Tuesday.

House prices slid 0.9 percent month-on-month in September, reversing August's 2.7 percent increase, which was the biggest monthly growth in 15 months. Economists had forecast prices to gain 0.1 percent.

During three months to September, house prices increased 2 percent from the previous three months.

At the same time, house prices climbed 8.6 percent from last year, but slower than the 9 percent growth posted in three months to August. Prices were expected to grow 9.1 percent.

"Increasing demand is combining with very low supply to drive robust underlying house price growth," Martin Ellis, Halifax housing economist, said. "There is little reason to expect any fundamental shift in the key market drivers over the coming months."

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