UK's Halifax house price index dropped 1.9% month-on-month in March, lower than February's 2.3% fall, a report from HBOS showed Friday. Economists had expected a monthly fall of 1.8% in March.

House prices were 17.5% lower on an annual basis in March. The annual rate of change that was measured by the average for the latest three months against the same period a year earlier improved slightly from 17.7% decline reported in February.

In the first quarter, house prices slipped 2.7%, smaller than the 5%-6% falls recorded in each of the three previous quarters.

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