May 15 2007
The mix-adjusted average house price in the UK in March 2007 stood at £206,890, up from £204,556 in February 2007 (not seasonally adjusted).
UK annual house price inflation in March 2007 was 10.9 per cent, down from 11.8 per cent in February 2007. Annual house price inflation in London was 13.9 per cent in March, down from 16.1 per cent in February.
The UK annual house price inflation rate for the 3 months to March was 11.2 per cent and 14.3 per cent in London.
House price inflation: regional
The UK house price inflation rate fell from 11.8 per cent in February 2007 to 10.9 per cent in March 2007. Between February and March there was a rise of 1.1 per cent in the prices index of properties bought compared with a larger rise of 2.0 per cent over the same period last year resulting in a decrease in the inflation rate.
The rise in UK prices between February and March can be attributed to increases in average prices for semi-detached dwellings (2.2 per cent), terraced houses (1.5 per cent), flats (1.1 per cent) and bungalows (0.7 per cent) and only partly offset by a fall in the price of detached houses (0.2 per cent).
England, Scotland and Wales saw decreases in inflation in March 2007. The inflation rate in England fell from 10.7 per cent in February to 9.8 per cent in March; the inflation rate in Scotland fell from 16.6 per cent to 14.8 per cent; in Wales the rate fell from 10.7 per cent to 9.7 per cent. Northern Ireland was the only home country where the inflation rate rose, from 48.5 per cent to 50.1 per cent.
House price inflation rose in two of the English regions remained level in one region and fell in six regions.
The highest inflation rate was in London (13.9 percent) followed by South East (10.0 per cent), South West (9.3 per cent) and the East (9.1 per cent). Inflation rates were lower in the North West (8.4 per cent), North East (7.9 per cent) and Yorkshire and the Humber (7.8 per cent). The lowest inflation rates were in the West and East Midlands (7.1 per cent and 7.0 per cent respectively).
House prices: regional
Mix-adjusted average house prices in March were £214,424 in England, £161,191 in Wales, £151,468 in Scotland and £217,579 in Northern Ireland.
The English region with the highest average house price in March remains London at £316,308. The lowest average price was in the North East at £144,383.
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 fell from 12.2 per cent in February to 10.8 per cent in March. There was a rise of 1.5 per cent in the prices index between February and March in the properties bought by first time buyers compared with a larger rise of 2.8 per cent over the same period last year.
The inflation rate for former owner occupiers fell from 11.6 per cent in February to 10.9 per cent in March. There was a rise of 1.0 per cent in the prices index between February and March in the properties bought by former owner occupiers, compared with a larger rise of 1.7 per cent over the same period last year.
The average price paid by first time buyers across the whole of the UK was £157,917 in March, while the average price paid by former owner occupiers was £230,916.