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| MONDAY 14TH FEBUARY 2005 |
 OFFICIAL
HOUSE PRICE INLATION FIGURES PUBLISHED
The UK house price inflation rate fell from 13.7% in November
to 10.7% in December. The Office of the Deputy Prime Minister
said today. This was due to a fall in prices by 0.7% between
November and December compared with an increase in prices by
2.0% over the same period last year.
The figures, which are produced in conjunction with the Office
of National Statistics, are based upon 'completions' data from
about 50 mortgage lenders and so appear later than other indices.
The fall in UK prices between November and December can be
attributed to falls in prices for detached houses by 1.3%,
terraced houses by 0.6% and flats by 0.8%.
The mix-adjusted average house price in the UK in December
2004 stood at £178,906, down from £180,126 in November
(not seasonally adjusted).
House price inflation - regional
All the home countries except for Northern Ireland saw a fall
in their annual inflation rate in December. The inflation rate
in Northern Ireland rose from 13.5% in November to 16.0% in
December. Inflation in England fell from 13.0% in November
to 10.1% in December. Annual inflation in Wales fell from 24.1%
in November to 20.8% in December. Scotland saw inflation fall
from 19.5% to 13.6% over the same period.
The fall in annual house price inflation for the whole of England
in December was also reflected across all regions. The highest
rates remain in the North East (20.5%), Yorkshire and the Humber
(18.8%) and the North West (17.8%). Inflation rates in these
regions remain substantially higher than in the rest of England,
although rates in the West Midlands, the East Midlands and
the South West also remain above 10%.
Inflation in London fell from 7.0% in November to 3.0% in December
- due to a fall in prices between November and December this
year compared to rise over the same period last year.
House prices - regional
Mix-adjusted average house prices in December were £191,141
in England, £141,004 in Wales, £114,251 in Scotland
and £116,261 in Northern Ireland.
The English region with the highest average house price in
December was London at £257,195. The lowest average price
was in the North East at £128,991. Only the East, London,
South East and the South West had average prices above the
UK average.
House price inflation - type of buyer
The UK house price inflation rate for first time buyers fell
from 15.2% in November to 13.3% in December. This was due to
a rise of 0.7% in prices between November and December, compared
with a rise of 2.4% seen over the same period last year.
The inflation rate for former owner-occupiers fell from 13.1%
in November to 9.8% in December. This was due to a fall of
1.2% in prices between November and December, compared with
a rise of 1.8% over the same period last year.
The average price paid by first time buyers across the whole
of the UK was £145,408 in December, while the average
price paid by former owner-occupiers was £197,059.
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