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Spring house prices 'stall'

Rightmove say average house prices have dipped in the UK Credit: PA

Spring house price momentum stalled in June as the average price tag on a property coming to market dipped by more than £1,000 month-on-month, according to Rightmove.

Across England and Wales, the average asking price was £316,109 in June, marking a 0.4% or £1,172 fall compared with May.

It was the first fall seen in the month of June since 2009 - at the height of the credit crunch - Rightmove said.

By contrast, asking prices were up month-on-month in June in the East Midlands, by 1.2%

In the West Midlands, asking prices dipped by 0.8% month-on-month - the only other region apart from London and the South East to see asking prices fall in June.

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New Debenhams boss unveils plans to close distribution centres

Debenhams Credit: PA

The new boss of department store chain Debenhams has unveiled plans to close its Lodge Farm distribution centre near Northampton along with 10 smaller in-house warehouses and put up to 10 stores under review.

The warehouse, operated by DHL, employs 220 staff and will shut in two years' time.

Debenhams say they hope to be able to redeploy many staff affected by the smaller warehouse closures.

Sergio Bucher, who took over as chief executive last October, outlined the overhaul that will see the group shut one of its three distribution centres.

Details of his plans came as the group announced a 6.4% drop in pre-tax profits to £87.8 million for the six months to March 4.

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