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Summer inflation and house price statistics

The UK house price inflation rate fell from 5.0% in June 2005 to 4.0% in July 2005.

Mix-adjusted prices rose by 1.1% between June and July 2005, compared with a rise of 2.1% seen over the same period in 2004.

The rise in UK prices between June and July can be 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.

All the home countries, except Northern Ireland, 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 in England 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.

Mix-adjusted average house prices in July were 195,191 in England, 147,184 in Wales, 127,945 in Scotland and 133,849 in Northern Ireland.

The English region with the highest average house price in July remains London at 270,285.

The region with the lowest average price was the North East at 134,034.

Only the East, London, South East and the South West had average prices above the UK average.

The UK house price inflation rate for first time buyers fell from 6.7% in June to 6.0% in July. This was due to a rise of only 1.9% in prices between June and July in the properties bought by first time buyers, compared with a rise of 2.5% seen over the same period last year.

The inflation rate for former owner occupiers fell from 4.4% in June to 3.3% in July. This was due to a rise of only 0.8% in prices between June and July in the properties bought by former owner occupiers, compared with a rise of 2.0% over the same period last year.

The average price paid by first time buyers across the whole of the UK was 153,168 in July, while the average price paid by former owner occupiers was 201,163.


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