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The recent drop in interest rates has done nothing to stop the fall of house prices, a study has revealed.
While the Bank of Englands Monetary Policy Committee has reduced the base rate of interest to just 0.5 per cent, house prices continue to plummet.
Figures released by Chesterton Humberts show a 16.1 per cent year-on-year fall in England and Scotland, with the average property now valued at just £165,727.
The companys study highlights the pitfalls of selling a home in the current climate and could be taken as further incentive for homeowners to improve their current property with a loft conversion and roof light.
Chesterton Humberts chief executive Robin Bartlett explained that the interest rate drop is now enough to help sellers.
"While the decline appears to be slowing, the continuing drop in house prices highlights the need for the government to do more to assist recovery in the property sector," he said.
Although the rate cut may not have boosted the mortgage market, those looking to finance a home improvement may find they get a better deal.