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Hard times ahead

PUBLISHED: 14:37 19 January 2008 | UPDATED: 19:28 05 July 2010

HOMEOWNERS across East Anglia have seen thousands of pounds shaved off the value of their homes in the last few weeks, according to a new report.

House prices in the region fell by 1.

HOMEOWNERS across East Anglia have seen thousands of pounds shaved off the value of their homes in the last few weeks, according to a new report.

House prices in the region fell by 1.3pc in the last quarter of 2007 compared to the UK average decrease of 0.8pc, Britain's largest mortgage lender, Halifax, revealed.

It comes as families are also facing a massive hike in the cost of gas and electricity after British Gas owner Centrica announced that energy bills for its 16 million customers would go up by 15pc with immediate effect. The rise from the UK's largest energy provider will push the average customer's annual bill towards £1,000.

According to the Halifax's House Price Index, annually, house price growth in the region is 3.9pc, below the UK average of 5.2pc.

But there was some good news locally as Lowestoft was cited as the most affordable town, with an average house price of £155,293.

At £190,984, the average house price in East Anglia is 3pc below the UK average of £197,071. And Halifax said the fall in house prices last quarter needed to be seen in the context of strong house price growth across the region over the longer term. House prices in East Anglia have increased by 197pc over the past decade.

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