HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate fell
from 11.3 per cent in April 2007 to
10.9 per cent in May 2007. Between
April and May there was a rise of 0.7
per cent in the prices index of
properties bought compared with a
larger rise of 1.1 per cent over the
same period last year resulting in a
decrease in the inflation rate. Figure 2: House price inflation by country
12-month percentage change
The rise in UK prices between April
and May can be attributed to
increases in average prices for Flats
(1.8 per cent), terraced houses (0.9
per cent), semi-detached dwellings
(0.6 per cent), detached properties
(0.3 per cent) and bungalows (0.1 per
cent).
England, Scotland, Wales and
Northern Ireland all saw decreases in
inflation in May 2007. The inflation
rate in England fell from 10.0 per cent
in April to 9.8 in May; the inflation rate
in Scotland fell from 17.8 per cent to
15.5; in Wales the rate fell from 9.0
per cent to 8.9 per cent and Northern
Ireland the rate fell from 54.1 per cent
to 51.9 percent.
House price inflation rose in three of
the English regions, remained level in
one region and fell in five regions.
The highest inflation rate was in
London (14.5 percent) followed by
South East (9.9 per cent), South West
(9.4 per cent). Inflation rates were
lower in Yorkshire and the Humber (9.3
per cent), East (8.8 per cent) and the
North West (7.9 per cent). The lowest
inflation rates were in the East
Midlands (6.7 per cent), West Midlands
(5.9 per cent) and the North East (5.8
per cent).
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in
May were £218,225 in England,
£163,852 in Wales, £157,974 in
Scotland and £229,519 in Northern
Ireland.
Figure 4: Mix-adjusted average house prices
Not seasonally adjusted
The English region with the highest
average house price in May remains
London at £324,084. The lowest
average price was in the North East at
£146,023.
Of the English regions, only the East,
London, South East and the South
West had average prices above the UK
average.
HOUSE PRICE INFLATION: TYPE OF BUYER
The UK house price inflation rate for first
time buyers remained unchanged at 11.2
in May. There was a rise of 1.3 per cent
in the prices index between April and
May in the properties bought by first time
buyers compared with the same per cent
rise over the same period last year.
The inflation rate for former owner
occupiers fell from 11.3 per cent in April
to 10.8 per cent in May. There was a rise
of 0.6 per cent in the prices index
between April and May in the properties
bought by former owner occupiers,
compared with a larger rise of 1.1 per
cent over the same period last year.
The average price paid by first time
buyers across the whole of the UK was
£162,055 in May, while the average price
paid by former owner occupiers was
£235,095.
The complete report is available at http://www.communities.gov.uk/pub/863/HousePriceIndexMay2007_id1511863.pdf in PDF format.
http://www.communities.gov.uk