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Halifax rethinks house price index

Halifax is rejigging its house price index which tracks housing market inflation admitting it overestimated the number of houses with garages leading it to slightly overstate house price inflation.

The other change to the index is to include houses valued at over £1 million for the first time to reflect the recent hike in prices.

As result of these changes the annual rate of house price inflation last year was 26.4 per cent, not 29.2 per cent as it previously reported, and in December house price inflation was 1 per cent, not Halifax&#39s headline figure showing a drop of 2.1 per cent.

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