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UK housing market slows

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by Brian Turner
Tokyo and London trading higher

House prices in the UK were up again in March, but the rise was lower than previously.

Prices overall increased 0.5 percent between February and March, but had been down by the same amount between January and February.

During the first quarter, the highest rises were seen outside England, with a rise of 6.1 percent in Scotland, 3.1 percent in Northern Ireland, and 2.4 percent in Wales.

In contrast, prices fell by 1.2 percent in the South West and 0.9 percent in East Anglia. In London, meanwhile, housing costs rose 0.1 percent after declines the previous two quarters.

These rises and declines are in line with prices over the past year: the biggest price increases have been in Northern Ireland, Scotland, and northern England, with the smallest increases coming in Greater London, the South East, and the South West.

All of this means that annual house price inflation rates have gone back to the single digits.

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News posted: April 5, 2005

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