Halifax bank announced that despite house prices rising by 0.8% last month the annual rate of increase fell to 13.7%, the lowest rate since December 2001. The bank, Britain’s largest mortgage lender, said recent measures indicated that “the market is undergoing a measured slowdown.” According to Halifax the average price of a UK property has now reached £163,748. The rise in house prices could prompt the Bank of England to push up interest rates later this year. Data from the Bank also showed that the number of loans approved for house purchases rose in December for the first time since May.