Pound steady as house prices fall

<p>The pound is steady as house prices in the UK continue to descend.</p>

The pound has held its ground in forex trading this afternoon (November 6th) following a report that UK house prices are continuing to descend.

According to official figures from Halifax's latest monthly survey, property values slipped by 0.7 per cent in October to an average of £158,426.

This puts house prices 1.7 per cent lower than they were a year ago.

House prices in the three months to October were down 1.2 per cent compared to the preceding three months.

Furthermore, more mortgages were approved, with loans getting the green light rising by four per cent in September, but this is still down by two per cent on September 2011's figures.

At 14:30 GMT, the pound was stable versus the dollar and the euro, with £1 buying $1.598 and €1.248.

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