HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate rose from 12.1 per cent in June 2007 to 12.4 per cent in July 2007. Between June and July there was a rise of 2.0 per cent in the prices index of properties bought compared with a smaller rise of 1.7 per cent over the same period last year resulting in an increase in the inflation rate.
The rise in UK prices between June and July can be attributed to increases in average prices for detached houses (2.4 per cent), bungalows (2.1 per cent), terraced houses (2.0 per cent) and flats and semi-detached houses (1.7 per cent each).
Northern Ireland saw a decrease in inflation in July 2007 with annual house price inflation falling from 55.9 per cent in June to 46.8 per cent in July. In Wales the inflation rate stayed the same at 7.6 per cent in June and July. England and Scotland saw house price inflation increases. In England annual house price inflation rose from 11.0 per cent in June to 11.5 per cent in July; In Scotland annual house price inflation in July was 16.4 per cent compared with 15.6 per cent in June.
House price inflation rose in five of the English regions, fell in three regions and stayed the same in one region. The highest inflation rate was in London (19.1 percent) followed by South East (11.9 per cent), and the South West (11.3 per cent). Inflation rates were lower in the East (9.6 per cent), North East (8.5 per cent) and Yorkshire and the Humber (8.4 per cent). The lowest inflation rates were in the North West (7.6 per cent) West Midlands (7.3 per cent) and the East Midlands (6.4 per cent).
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in July were £225,988 in England, £165,763 in Wales, £163,230 in Scotland and £242,391 in Northern Ireland.
The English region with the highest average house price in July remains London at £344,221. The lowest average price was in the North East at £151,064.
Of the English regions, 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 rose from 12.4 per cent in June to 13.2 per cent in July. There was a rise of 1.6 per cent in the prices index between June and July in the properties bought by first time buyers compared with a smaller rise of 0.9 per cent over the same period last year.
The inflation rate for former owner occupiers rose from 11.9 per cent in June to 12.1 per cent in July. There was a rise of 2.1 per cent in the prices index between June and July in the properties bought by former owner occupiers, compared with a smaller rise of 1.9 per cent over the same period last year.
The average price paid by first time buyers across the whole of the UK was 167,314 in June, while the average price paid by former owner occupiers was £243,580.
