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Official figures show 2.9% house price gain for 2009

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by Gill Montia
”Official

Latest UK house price statistics from the Department for Communities and Local Government (DCLG) show the value of a typical home up 2.9% in December, compared to a year earlier.

The month saw a 0.8% increase on November, taking the average house price to £200,307 and completing a 2.9% gain for the final quarter of 2009.

However, the three-month measure compares with a larger rise of 3.1% at the end of September.

On a regional basis, house prices in England rose 3.0% in 2009; in Scotland 3.8% and Wales 1%, while Northern Ireland saw a decline of 6.0%.

First-time buyers typically paid 6.8% more for their properties in December than a year earlier but former owner occupiers were much better placed, facing a mere 1.4% rise.

At the end of last year, the average price paid for a new property stood 1.5% down on December 2008, while pre-owned dwellings were changing hands for 3.2% more.

The DCLG’s figures are based on mortgage approvals, as are Nationwide’s, but government and lender data differ significantly: in December, Nationwide put the annual rate of gain at 5.9% compared to the DCLG’s estimate of 2.9%.

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News posted: February 17, 2010

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