CLG release shows small annual fall in house prices
The latest Communities & Local Government (CLG) figures released today show that UK house prices were 0.3 per cent lower in July 2008 than in July 2007.
The release has identified regional variations in the housing market with prices in Scotland increasing by 3.6% against falls in England (0.3%), Wales (0.8%) and Northern Ireland (10.3%). Prices in the quarter ending July fell by 0.5%, with the average house price now standing at an unseasonally adjusted £217,171.
Annual average house prices paid by first time buyers in July 2008 were 1.6 per cent lower than a year ago, but by comparison average house prices paid by former owner occupiers were 0.1 per cent higher.
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