House price inflation falls in November

House price inflation dropped by 1.1% in the October to November period compared to an increase of 1% in the same period last year, according to the government's latest House Price Index (HPI) figures.

The HPI figures published by the Office of the Deputy Prime Minister (ODPM) today revealed that UK house price inflation fell from 12.1% in October to 9.7% in November, leading to an average house price to fall from £161,567 to just over £159,480.

All four home countries saw a decline in annual inflation, although inflation in Wales, at 19.6%, and in Scotland, at 16.1%, remains higher than in England.

Annual inflation in England fell from 11.6% in October to 9.2% in November, and this decrease was reflected in all the English regions.

Average inflation in the North East, at 19.6% and the North West at 17.6%, remain substantially higher than in the rest of England. By contrast, inflation in London, the East, the South East and South West were all under 10%, with the lowest rate shown in London, at 5.2%.

The UK house price inflation rate for first time buyers fell to 7.3% in November from 10.5% in October. The inflation rate for former owner-occupiers also fell, from 13.1% in October to 11.1% in November. This is the lowest rate seen this year, and compares with a rate of 25.8% seen in April.

The average house price in the UK for first time buyers stood at £124,346 in November, while the average price paid by former-owner occupiers stood at £183,103.

The ODPM report was based on 25,000 completed house sales in the period.

The figures are not seasonally adjusted.


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