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U.K. Home Values Fall on Demand Drop, Hometrack Says

U.K. house prices extended their decline in January as demand plunged the most in three years on concern about the outlook for the economy, Hometrack Ltd. said.

The average cost of a home fell 0.5 percent from December to 153,600 pounds ($244,000), a seventh straight drop, the London-based property researcher said in an e-mailed report today. Demand, measured by the number of new buyers registering with agents, dropped 9.5 percent.