House prices across the UK have already fallen far further than official data and market indicators suggest, Rightmove, the online estate agent warned yesterday, as it revealed that up to 300 estate agents were quitting its service every month.

While the latest figures from leading mortgage lenders such as Halifax suggest that prices are down by 15% from their peak, Rightmove said the falls were up to two-thirds higher.

Miles Shipside, the commercial director of Rightmove, said: 'Estate agents tell us that the actual prices that are being achieved [initially between buyers and sellers] for property are down by about 20-25% beneath peak asking prices. That has not come out in the national indices.'

The Independent

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