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PRICE INDEX SHOWS HOUSE PRICE DROP IN SEPTEMBER

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September saw an unexpected drop in house prices, according to the Financial Times (p2). ...
September saw an unexpected drop in house prices, according to the Financial Times (p2).

The Halifax index of house prices fell by 0.1 per cent, reducing the annual increase rate from 9.4 per cent in August to 8.8 per cent in September.

However a Halifax spokesman said: 'This modest decline is unlikely to herald the start of a downward trend in house prices and is expected to prove a temporary blip.'

Some analysts believed that with these figures, the Bank of England was less likely to raise interest rates at the end of this month's meeting on Thursday.

Parallel house index Nationwide showed prices continuing to rise, with a 1.3 per cent increase between August and September and an annual rate of house inflation of 11 per cent.
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