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DCLG: house prices down in July

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by Gill Montia

New figures from the Department for Communities and Local Government (DCLG) show the average UK house price falling by 0.3% in July, with the annual rate of inflation slowing to 8.4%, compared with 9.9% in June.

On a country basis, annual house price rises were evident in England 9.0%; Scotland 3.7% and Wales 10.1%, while in Northern Ireland prices showed a 17.1% year-on-year decline.

Average mix-adjusted house prices in July were as follows: England £220,240; Scotland £170,782; Northern Ireland £147,770 and Wales £157,166.

London remained the English region with the highest average house price, at £347,855, and the North East the lowest, at £140,075.

According to the DCLG, the average price paid for a home by first-time buyers across the UK was £156,040 in July, compared with £247,918 paid by former owner occupiers.

Earlier this week, figures from the Council of Mortgage lenders showed first-time buyer mortgage approvals down to 19,400 in July, from 19,700 in June and 20,100 in the same period of 2009.

Then yesterday, the Royal Institution of Chartered Surveyors reported that respondents to its August survey were felling less optimistic about future house prices rises.

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News posted: September 15, 2010

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