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House price inflation slows

Annual house price inflation in Britain eased during March, government housing data has shown.Official figures released today reveal that during the third month of the year house prices rose 10.9 per cent compared to March 2006.But the corresponding annual house price rise recorded in February stood at 11.8 per cent.In London meanwhile annual house price inflation was 13.9 per cent in March, more than two per cent slower than yearly growth recorded in February."England, Scotland and Wales saw decreases in inflation in March 2007," the Department for Communities and Local Government (CLG), which compiled today's statistics, said."The inflation rate in England fell from 10.7 per cent in February to 9.8 per cent in March; the inflation rate in Scotland fell from 16.6 per cent to 14.8 per cent; in Wales the rate fell from 10.7 per cent to 9.7 per cent. "Northern Ireland was the only home country where the inflation rate rose, from 48.5 per cent to 50.1 per cent."The CLG's data is in line with the findings of building societies Halifax and Nationwide, which both said earlier this month that demand eased in April.However, the UK's housing market remains "healthy" according to Halifax, while Nationwide insists that despite this cooling, house price growth will remain "fairly firm" over the summer.

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