Official figures confirm London house price boom. UK house prices were 8.4% higher than in July 2009 but 0.3% lower than in June 2010, according to the Communities and Local Government Department House Price IndexMake Text Bigger
The seasonally adjusted index for the month was 4.7% below the recent peak in April 2008, but 11.1% above the recent trough in April 2009.
This figure is the best indicator of trends in house prices over time, says the CLG.
The survey data reflects house price figures published by other organisations, like the Halifax and Nationwide.
The market picture is house prices are still rising, but at a slower rate than in recent months.
Other highlights from the CLG data include:
- Average prices paid for new properties were 9.5% higher than a year ago and prices paid for pre-owned dwellings were 8.3% higher
- The adjusted average house price in the UK stood at £212,878 in July
- UK house prices rose by 0.8% in the quarter to July 2010 compared to an increase of 1.1% in the April quarter (seasonally adjusted)
- Average prices increased in England (9.0%), Scotland (3.7%) and Wales (10.1%) but fell in Northern Ireland (-17.1%)
- Average adjusted house prices in July were £220,240 in England, £170,782 in Scotland, £147,770 in Northern Ireland and £157,166 in Wales
- Average prices paid by first time buyers increased by 7.5% over the year to July whilst prices paid by former owner-occupiers increased by 8.7%.
All regions saw increases in average house prices over the year to July, the largest being in London (14.6%) and the smallest in Yorkshire and the Humber (3.1%).
London remains the English region with the highest average house price (£347,855). The North East was the lowest at £140,075.
In England, the East of England, London, South East and South West all had average prices above the UK average in July.
Annual growth in UK house prices for first time buyers was 7.5% in July compared to 10.3% in the year to June. This reflects a monthly decrease of 1.2% in July compared to an increase of 1.4% in the same month last year.
Annual growth for former owner-occupiers was 8.7% in July compared to 9.8% in the year to June. Between June and July 2010 the average price of properties bought by former owner-occupiers did not change notably compared to 1.0% increase in the same month last year.
The average house price paid by first time buyers in the UK in July was £156,040 compared to £247,918 paid by former owner-occupiers.
To download the full report from the CLG web site click here.
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