Government figures put annual house price rise at 0.6%

| January 13, 2010 | 0 Comments

New research from The Department of Communities and Local Government (DCLG) claims that in November 2009, UK house prices were 0.6% higher than a year earlier, having leapt 1.7% since October.

Using the three-month-on-three-month measure, the value of a typical home increased by 3.5%, compared with 2.6% in the quarter to the end of August.

The average cost of a UK home stood at £200,454 in November, with prices showing annual rises in all UK countries except Northern Ireland, where prices were down 11.6% year-on-year.

In November, new entrants to the market faced a significant hike, with the average price paid by first-time buyers up 3.9% year-on-year, while former owner occupiers paid 0.7% less.

The DCLG says its figures are based on mortgage completions, rather than the approval statistics used by lenders such as Halifax and Nationwide.

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