13/08/2007

House Prices Rise By 12% In June

UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007.

Annual house price inflation in London was 17.5% in June, up from 14.3% in May.

The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London.

The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007. Between May and June there was a rise of 1.6% in the prices index of properties bought compared with a smaller rise of 0.4% over the same period last year resulting in an increase in the inflation rate.

The rise in UK prices between May and June can be attributed to increases in average prices for flats (2.4%), detached properties and bungalows (2.3% each), semi-detached dwellings (1.1%) and terraced houses (1.0%).

Wales saw a decrease in inflation in June 2007. In Wales annual house price inflation fell from 8.5% in May to 7.6% in June. In Scotland the inflation rate stayed the same at 15.6% in May and June. England and Northern Ireland saw house price inflation increases. In England annual house price inflation rose from 9.6% in May to 11.0% in June; In Northern Ireland annual house price inflation in June was 55.9% compared with 53.0% in May.

With house prices rising in all nine of the English regions, the highest inflation rate was in London (17.5%) followed by South East (10.7%), East and Yorkshire and the Humber (9.6% respectively) and the South West (9.4%). Inflation rates were lower in the North West (9.1%), East Midlands (8.5%) and the North East (8.1%). The lowest inflation rate was in the West Midlands (7.0%).

Average house prices in June were £221,370 in England, £165,119 in Wales, £160,363 in Scotland and £240,302 in Northern Ireland.

The average price paid by first time buyers across the whole of the UK was £164,755 in June, while the average price paid by former owner occupiers was £238,490.

(SP/JM)

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