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| TUESDAY 11TH OCTOBER 2005 |
 UK
HOUSE PRICES AT STAND-STILL
House prices were essentially at a stand-still in August according
to the ODPM’s figures out yesterday. The mix-adjusted average house
price in the UK in August 2005 stood at £186,208, effectively unchanged
from £186,207 in the previous month.
UK annual house price inflation in August 2005 was 2.8 per cent, down
from 4.0 per cent in July 2005. Annual house price inflation in London
was 0.8 per cent in August 2005, down from 0.9 per cent in July 2005
The UK annual house price inflation rate for the 3 months to August
2005 was 3.9 per cent and 1.1 per cent in London.
All the home countries saw a fall in annual inflation in August. The
inflation rate in England fell from 3.1 per cent in July to 1.9 per cent
in August. Over the same period, in Wales the rate fell from 7.6 per
cent to 6.6 per cent; in Scotland the rate fell from 12.0 per cent to
11.2 per cent; and in Northern Ireland the rate fell from 15.9 per cent
to 11.9 per cent.
House price inflation fell in all English regions, except the North
West and Yorkshire & the Humber, between July and August. The highest
inflation rates in England remain in the north, in North West (7.4 per
cent), Yorkshire & the Humber (7.3 per cent), North East (5.5 per
cent). The inflation rates in West and East Midlands are currently 3.3
per cent and 2.2 per cent respectively Inflation rates in London, the
East and South West are all below 1.0 per cent. The region with the lowest
inflation rate is the South East, where inflation fell from 1.3 per cent
in July to -0.4 per cent in August.
House prices: regional
Mix-adjusted average house prices in August were £195,093 in England, £149,291
in Wales, £128,412 in Scotland and £132,416 in Northern Ireland.
The English region with the highest average house price in August remains
London at £269,059. The region with the lowest average price was
the North East at £134,489.
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 6.0
per cent in July to 5.6 per cent in August. This was due to a rise of
only 0.1 per cent in prices between July and August in the properties
bought by first time buyers, compared with a rise of 0.4 per cent seen
over the same period last year.
The inflation rate for former owner-occupiers fell from 3.3 per cent
in July to 1.8 per cent in August. This was due to a negligible change
in prices between July and August in the properties bought by former
owner occupiers, compared with a rise of 1.4 per cent over the same period
last year.
The average price paid by first time buyers across the whole of the
UK was £153,285 in August, while the average price paid by former
owner-occupiers was £201,110.
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