DCLG reports house prices still going up

Published 12th Jun 2007

According to the latest House Price Index published by Communities and Local Government for April 2007, the mix-adjusted average house price in the UK stood at £209,454, up from £206,890 in March 2007 (not seasonally adjusted). Annual house price inflation in London was 14.0% in April, up from 13.9% in March. The UK annual house price inflation rate for the 3 months to April was 11.3%, and 14.7% in London.

The UK house price inflation rate rose from 10.9% in March 2007 to 11.3% in April 2007. Between March and April there was a rise of 1.2% in the prices index of properties bought compared with a smaller rise of 0.8% over the same period last year resulting in an increase in the inflation rate.

The rise in UK prices between March and April can be attributed to increases in average prices for bungalows (1.9%), terraced houses (1.7%), semi-detached dwellings (1.4%), detached properties (0.8%) and flats (0.7%).

Wales saw a decrease in inflation in April 2007, from 9.7% in March to 9.0% in April. England, Scotland and Northern Ireland all saw house price inflation increases. In England annual house price inflation rose from 9.8% in March to 10.0% in April; In Scotland there was a rise in the rate from 14.8% in March to 17.8% in April; In Northern Ireland annual house price inflation in April was 54.1% compared with 50.1% in March.

House price inflation rose in five of the English regions, remained level in two regions and fell in two regions.

The highest inflation rate was in London (14.0%) followed by South East (10.6%), South West (10.0%) Inflation rates were lower in the East (8.6%), Yorkshire and the Humber (8.2%) and the East Midlands (8.1%). The lowest inflation rates were in the North East and North West (both 7.9%) and the West Midlands (7.1%).

Note that the Communities and Local Government house price index figures released in this issue are based on completions during the month of April as indicated by a sample of completions data (about 50,000 per month) from about 50 mortgage lenders.

Source: ' communities.gov.uk '

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