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Statistics show slight rise in average house price

The House Price Index from September show the mix-adjusted average house price in the UK in September 2005 stood at 186,723, up slightly from 186,208 in August 2005.

UK annual house price inflation in September 2005 was 3.3%, up from 2.8% in August 2005. Annual house price inflation in London was 1.9% in September 2005, up from 0.8% in August 2005

The UK annual house price inflation rate for the three months to September 2005 was 3.3% and 1.2% in London.

The ODPM says the rise in UK prices between August and September can be attributed to rises in average price of most dwelling types. In particular, prices rose for detached houses, by 1.6%, bungalows, by 0.7% and other dwelling types rose or fell by less than 0.1%.

In the home countries, England, Wales and Northern Ireland saw rises in annual inflation in September, while Scotland saw a fall. The inflation rate in England rose from 1.9% in August to 2.5% in September. In Wales the inflation rate rose from 6.6% to 6.8%, and in Northern Ireland the rise was from 11.9% to 16.7%.

Over the same period, in Scotland the rate fell from 11.2% to 10.1%.

House price inflation rose in five of the English regions but fell in the other four. 7.9%, the highest inflation, remains in the north in North-West and Yorkshire and the Humber (7.1%). Inflation rates were lower in the North-East (3.9%) and West Midlands (3.4%) and East Midlands (2.1%). Inflation was below 2% in the East, London, and South-East and lowest in the South-West, where inflation fell from 0.1% in August to -0.6% in September, due to a rise in prices between August and September this year of 0.3 per % cent compared with a rise of 0.9% in the same period last year.

Mix-adjusted average house prices in September were 195,679 in England, 146,682 in Wales, 128,477 in Scotland and 136,799 in Northern Ireland.

The English region with the highest average house price in March remains London at 269,927. The lowest average price was in the North-East at 132,678.

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 5.6% in August to 5.0% in September. This was due to a small fall of 0.4% in prices between August and September in the properties bought by first-time buyers, compared with a small rise of 0.2% seen over the same period last year.

The inflation rate for former owner occupiers rose from 1.8% in August to 2.6% in September. This was due to a small rise of 0.5% in prices between August and September in the properties bought by former owner occupiers, compared with a slight fall of 0.3% over the same period last year.

The average price paid by first-time buyers across the whole of the UK was 152,643 in September, while the average price paid by former owner occupiers was 202,130.


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