DCLG: House prices up 0.5% in December

DCLG: House prices up 0.5% in December

Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices rose by 0.5% in December compared with November, with the average UK home costing £208,148.

In the meantime, on an annual basis, house prices are 3.8% higher, according to the DCLG.

For the 2010 year, house prices in England and Wales increased by 4.1% and 4.3% respectively, while house prices rose in Scotland by 1.8%.

However, Northern Ireland saw its house prices plummet by 16.1%.

Leading think tank, the Centre for Economics and Business Research (CEBR), recently said higher inflation and unemployment will knock the housing market recovery and lead to a fall in UK house prices.

It is forecasting a 1.7% fall for prices this year, reversing its earlier prediction of a rise of 0.8% for 2011.

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