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CLG House Price Index for April 2007

16 June 2007

1 The Communities and Local Government (CLG) House Price Index for April 2007 indicated that the average property price in the UK stood at £209,454.

2 This was an increase from the March 2007 findings of £206,890, not seasonally adjusted, the government department reported.

3 According to the CLG, UK annual house price inflation in April 2007 was 11.3 per cent – up from 10.9 per cent in March 2007.

4 Annual house price inflation in London reached 14.0 per cent in April – up from the 13.9 per cent reported in March.

5 The UK annual house price inflation rate for the three months to April was 11.3 per cent and 14.7 per cent in London.

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6 The UK house price inflation rate rose from 10.9 per cent in March 2007 to 11.3 per cent in April 2007.

7 The CLG indicated that between March and April there was a rise of 1.2 per cent in the prices index of properties bought compared with a smaller rise of 0.8 per cent over the same period last year.

8 Wales saw a decrease in inflation in April 2007, from 9.7 per cent in March to 9.0 per cent in April. England, Scotland and Northern Ireland all saw house price inflation increases.

9 The highest inflation rate was in London, at 14 per cent, followed by South East at 10.6 per cent, and the South West, at 10 per cent.

10 Inflation rates were lower in the East at 8.6 per cent, Yorkshire and the Humber, with a figure of 8.2 per cent and the East Midlands at 8.1 per cent.

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11 The lowest inflation rates were recorded in the North East and North West, which both recorded rates of 7.9 per cent and the West Midlands at 7.1 per cent, the CLG house price data reported.

12 The English region with the highest average house price in March remained London at £320,191.

13 According to the report, the lowest average price was in the North East at £145,875.

14 The UK house price inflation rate for first-time buyers rose from 10.8 per cent in March to 11.2 per cent in April.

15 There was a rise of 1.3 per cent in the prices index between March and April in the properties bought by first-time buyers compared with a smaller rise of 1.0 per cent over the same period last year, the CLG confirmed.

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16 The inflation rate for former owner occupiers rose from 10.9 per cent in March to 11.3 per cent in April.

17 There was a rise of 1.2 per cent in the prices index between March and April in the properties bought by former owner occupiers, compared with a smaller rise of 0.8 per cent over the same period last year.

18 The average price paid by first-time buyers across the whole of the UK was £159,977 in April, while the average price paid by former owner occupiers was £233,726.

19 David Stubbs, senior economist at the Royal Institution of Chartered Surveyors, said: “These numbers confirm that the housing market was in rude health at the start of the second quarter. Tight supply conditions were driving prices skywards, but the hikes in interest rates since August have now started to slow the market somewhat.”

20 He added: “The figures also emphasise the broad nature of the prices rises, with every region of England seeing rises of over 7 per cent in the year to April. As this is faster than earnings are rising, it indicates that first-time buyer affordability continues to worsen.”

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