12/09/2005

House price rise slowdown continues

Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office.

This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.

The average house price in the UK in July 2005 stood at £186,207, up from £184,162 in June 2005.

The UK annual house price inflation rate for the three months to July 2005 was 5.0% and 1.4% in London.

The rise in UK prices between June and July was largely attributed to increases of 2.1% in the prices of detached houses and 1.3% for bungalows. Average prices for semi-detached houses, terraced houses and flats rose by 0.9%, 0.6% and 0.4% respectively.

With the exception of Northern Ireland, the three other countries saw a fall in annual inflation in July. The inflation rate in England fell from 4.1% in June to 3.1% in July. Over the same period, in Wales the rate fell from 10.8% to 7.6%; in Scotland the rate fell from 14.0% to 12.0%; and in Northern Ireland the rate rose from 14.2% to 15.9%.

House price inflation fell in all English regions, except West Midlands, between June and July. The highest inflation rates remain in the north, in North West 7.3%, Yorkshire & the Humber 7.1%, North East 6.5%.

The inflation rate in West Midlands is currently 5.7%. Inflation rates in East Midlands and the East are 3.4 and 3.1% respectively. Inflation in the South West and South East regions were 1.5 and 1.3% respectively. The region with the lowest inflation rate remains London, where inflation fell from 1.7% in June to 0.9% in July.

(SP/MB)

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