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Find a mortgage with lower house prices

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Those hoping to find a mortgage might welcome the news that house prices are on a downward trend.

For the 16th consecutive month, house prices in the UK went down, property website Hometrack revealed. Following on September's 0.2 per cent drop, the average house price in October is 0.1 per cent lower.

The average house price in England and Wales is now �160,700, which is �7,000 lower than when it peaked in June 2005.

More people are entering the housing market, with 2.1 per cent more buyers registering with estate agents in October than in September. House sales are also up 5.9 per cent, Hometrack said.

The property experts warned that despite a significant rise in house sales, the number of houses for sale has also increased.

House price falls continue unabated, John Wriglesworth, housing economist at Hometrack, said.

First time buyers are returning to the property market, with more of them trying to find a mortgage to fund their first home .

In September, 11 per cent of all houses sold were purchased by first time buyers, the National Association of Estate Agents found.

This increased activity is also highlighted by the September figures from the Council of Mortgage Lenders, which showed that mortgage lending was up 4.3 per cent from the previous month.

Gross mortgage lending in September came to an estimated total of �28.1 billion, up from �26.9 billion in the previous month.

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