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Huge fall in flat prices last year

Government figures show flat prices on the Island plummeted last year.

For the first time, the Cabinet Office has published a housing market review, showing how prices and lending have changed.

The data shows over the course of 2016, the average price of a flat fell from around £172,000 to just £139,000.

Over the same period, the government says the average house price rose by around £5,000 to £271,000.

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