9 January 2003, 15:26  UK house prices rose 26.4pc last year

House prices in Britain dropped 2.1pc in December following a 2.1pc increase in November, according to Halifax housing index report The drop left prices up 26.4pc on a year-on-year basis, down from 29.2pc the previous month However, Halifax cautioned that the headline drop in prices was "purely attributable to some important technical adjustments". Excluding the adjustments, prices actually rose 1.0pc
The mortgage lender said that the adjustments mean that the survey now includes types of houses that were not previously included in the monthly index, including houses costing in excess of STG1m. The lender made a number of other changes to the way it calculates the report Commenting on the outlook for the property market, Halifax said it expects house price inflation to slow to 9pc by the end of 2003, down from the 26.4pc recorded last year, the second fastest annual price increase on record. Rival mortgage lender HBOS has also forecast that house prices will increase 9pc in 2003, while Nationwide expects prices to rise by approximately 10pc ///www.fxcentre.com

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