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News: Official house price inflation up to 5.1%

The official UK house price inflation rate rose from 3.3% in March 2006 to 5.1% in April 2006 said the Department for Communities and Local Government today.

Prices rose by 0.9% between March and April, compared to a fall of 0.8% seen over the same period last year.

The mix-adjusted average house price in the UK in April 2006 stood at £188,290, up from £186,519 in March 2006 (not seasonally adjusted).

UK annual house price inflation (all dwellings)

 

The rise in UK prices between March and April can be attributed to rises in average prices for all property types, in particular for terraced houses (2.0%, and semi-detached houses (1.1%).

In the home countries, Scotland saw a fall in inflation in April, while inflation rose in England, Wales and Northern Ireland in April. The inflation rate in England rose from 2.5% in March to 4.7% in April, the inflation rate in Wales rose from 5.3% to 6.6%, in Northern Ireland the rate rose from 14.1% to 15.8%. In Scotland the rate fell from 10.8% to 7.6%.

House price inflation rose in all of the English regions. The highest inflation rate remains in Yorkshire and the Humber (8.9%), followed by North East (7.3%), London (7.1%) and North West (6.5%). Inflation rates were lower in other parts of England; in South West (3.7%), East (3.2%), East Midlands and South East (both 2.8%) and West Midlands (2.0%).

Prices

Mix-adjusted average house prices in April were £196,943 in England, £151,226 in Wales, £132,201 in Scotland and £142,475 in Northern Ireland.

The English region with the highest average house price in April remains London at £278,257. The lowest average price was in the North East at £136,253.

Only the East, London, South East and the South West had average prices above the UK average.

House price inflation by type of buyer

UK annual house price inflation by type of buyer

 

The UK house price inflation rate for first time buyers rose from 4.6% in March to 4.9% in April. This was due to a rise of 0.7% in prices between March and April in the properties bought by first time buyers compared with a smaller rise of 0.4% over the same period last year.

The inflation rate for former owner-occupiers rose from 2.8% in March to 5.2% in April. This was due to a rise of 1.0% in prices between March and April in the properties bought by former owner occupiers, compared with a fall of 1.3% over the same period last year.

The average price paid by first time buyers across the whole of the UK was £146,248 in April, while the average price paid by former owner-occupiers was £206,222.

 

UK

London

UK

All dwellings

All dwellings

All
dwellings

Index
Feb 02=100

% change
over 12 months

Index
Feb 02
=100

% change
over 12
months

£

Not seasonally adjusted

2005

Nov

153.4

2.2

133.5

1.5

185,848

 

Dec

153.3

2.9

133.7

3.8

185,788

       

2006

Jan

155.1

4.1

136.1

5.0

185,112

 

Feb

153.2

3.4

132.5

1.5

182,925

 

Mar

156.2

3.3

138.4

4.0

186,519

 

Apr

157.7

5.1

140.5

7.1

188,290

 

 

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