House prices set to slow down

HOUSE price growth is set to slow in the next two years, the Woolwich forecast today. The mortgage lender predicted house price rises would 'gradually slow' next year, before falling to about 4% in 2004. This year saw them rising between 25% and 29%.

The Woolwich also expects interest rates to rise to 4.75%, from the current 4%, by the end of 2003, adding to the calming effect.

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