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Government housing survey presents mixed picture

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by Gill Montia
”Government

The Department of Communities and Local Government has published its latest data, giving a mixed picture of the UK housing market.

The mix-adjusted average house price in the UK in May had increased to £211,056, from £209,454 in April, although the figures have not been seasonally adjusted.

In May annual house price inflation stood at 10.9%, having decreased from 11.3% in April.
However in London, annual house price inflation increased to 14.5%, up from 14.0% in April.

Taking the three months to May, UK annual house price inflation averaged 11.0%, with London at 14.1%.

The rise in UK house prices between April and May can be broken down as follows: a 1.8% increase in the average prices for flats; 0.9% for terraced houses; 0.6% for semi-detached homes; 0.3% for detached properties and 0.1% for bungalows.

During May inflation decreased regionally as follows: in England the rate fell from 10.0% in April to 9.8% in May; in Scotland from 17.8% to 15.5%; in Wales from 9.0% to 8.9% and in Northern Ireland from 54.1% to 51.9%.

London remained the location with the highest average house price, at £324,084 in May. The lowest average price was in the North East at £146,023.

House price inflation remained unchanged for first time buyers at 11.2%, with the average price being paid across the whole of UK at £162,055.

For owner occupiers the rate fell from 11.3% to 10.8%; the average price paid for a house was £235,095.

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News posted: July 17, 2007

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