fbpx

House price inflation down for October

Amanda Jarvis

December 13, 2004

* The mix-adjusted average house price in the UK in October 2004 stood at £180,444, up from £179,201 in September (not seasonally adjusted).

* UK annual house price inflation in October 2004 was 12.6 per cent, down from 13.8 per cent in September.

* Annual house price inflation in London was 7.0 per cent in October 2004, up from 6.6 per cent in September.

The UK house price inflation rate fell from 13.8 per cent in September to 12.6 per cent in October. Although prices between September and October rose by 0.7 per cent, annual inflation fell because prices rose by 1.8 per cent over the same period last year.

The rise in UK prices between September and October can be attributed to rises in prices for detached houses by 1.0 per cent, semi-detached houses by 0.6 per cent and terraced houses by 0.9 per cent.

Of the home countries, only Northern Ireland saw a rise in annual inflation rate. However, this was slight, from 13.3 per cent in September to 13.4 per cent in October. Inflation in England fell from 12.9 per cent in September to 11.9 per cent in October. Annual inflation in Wales fell from 25.5 per cent in September to 23.2 per cent in October. Scotland saw inflation fall from 21.9 per cent to 17.8 per cent over the same period.

While annual house price inflation for the whole of England fell in October, it rose in the West Midlands and London. All other regions saw fall in house price inflation. The highest rates remain in the North East (23.0 per cent), the North West (20.3 per cent) and Yorkshire and the Humber (19.6 per cent). Inflation rates in these regions remain substantially higher than in the rest of England, although rates in the East Midlands and the West Midlands also remain high at above 15 per cent. Inflation in London rose from 6.6 per cent in September to 7.0 per cent in October – due to a marginally higher rise in prices between September and October this year compared with last year.

Mix-adjusted average house prices in October were £192,874 in England, £138,250 in Wales, £116,478 in Scotland and £115,596 in Northern Ireland.

The English region with the highest average house price in October was London at £265,324. The lowest average price was in the North East at £126,732.

Only the East, London, South East and the South West had average prices above the UK average.

The UK house price inflation rate for first time buyers fell from 15.6 per cent in September to 12.5 per cent in October. This was due to a rise of less than 0.1 per cent in prices between September and October, compared with a rise of 2.8 per cent seen over the same period last year. The inflation rate for former owner occupiers fell from 13.1 per cent in September to 12.7 per cent in October. This was due to a rise of 1.0 per cent in prices between September and October, compared with a rise of 1.3 per cent over the same period last year.

The average price paid by first time buyers across the whole of the UK was £143,847 in October, while the average price paid by former owner occupiers was £200,275.


Sign up to our daily email