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Brown says house price inflation is moderating

In his pre-Budget statement today Chancellor Gordon Brown told the House of Commons that the expected moderation of house price inflation had started.

He says this will be good for the economy and predicted overall economic growth of between 3% and 3.5% next year in line with G7 countries.

He says mortgage rates have averaged 6.1% since 1997, almost half the 11.4% between 1979 and 1997.

Interest rates have averaged 5.3% since 1997, lower than in the 1960s.

Brown says there are 1.2 million more homeowners now than in 1997 and this will be boosted by the Barker review and the deputy Prime Minister’s five year housing strategy.

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