UK property prices creeping up, according to govt data

Published 16th Aug 2011

Seasonally adjusted residential property prices in the UK increased 0.6% in June and are now just 2% down year on year, according to the latest figures from the Department for Communities and Local Government published today (Tuesday 16 August).

The average mix-adjusted UK house price was £204,981. The index also shows that average house prices were 0.5% over the quarter to June, unchanged from the quarter to March.

Average prices decreased during the year throughout the country, down 1.8% in England, down 5.6% in Wales, down 2.3% in Scotland and down 8.1% in Northern Ireland.

Prices paid by first time buyers were 2.2% lower on average than a year earlier and prices paid by former owner occupiers also decreased by 2% while prices for new properties were 3.2% higher on average than a year earlier and prices for pre-owned dwellings decreased by 2.4%.

The seasonally adjusted index was 6.2% below the recent peak of April 2008 and 9.2% above the recent trough of April 2009.

Average house prices decreased in eight of the nine English regions over the year to June 2011. The largest decrease was in the North West, down 5.1% while the smallest was in the East, down 0.2%. London registered an annual house price increase of 1.5%.

Over the month to June there were average price rises in seven regions, ranging from 0.1% in the West Midlands to 1.6% in London. There were average monthly price falls of 0.5% in Yorkshire and the Humber and -1.4% in the North West. Average mix adjusted house prices in June stood at £212,508 in England, £144,396 in Northern Ireland, £162,363 in Scotland and £145,281 in Wales.

London remains the English region with the highest average house price at £340,664). The North East has the lowest average price at £134,194.

In England, southern regions including the East of England, London, the South East and South West all had average prices above the UK average in June.

Excluding London and the South East, the average UK price in June was £169,044, a decrease of 3.1% over the year.

Source: ' Property Wire '

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