House prices up year on year

Nia Williams

January 13, 2010

The key points from the statistics are:

UK house prices were 0.6% higher than in November 2008 and 1.7% higher than in October 2009 (seasonally adjusted).

The mix-adjusted average house price in the UK stood at £200,454 in November 2009 (not seasonally adjusted).

UK house prices rose by 3.5% in the quarter ending November 2009. This compares with a smaller rise of 2.6% for the quarter ending August 2009 (seasonally adjusted).

The annual house price rates of change in England ranged from -1.1% in the West Midlands to 1.1% in London and the East. The annual growth rates in the other regions were 0% in the East Midlands, 0.1% in the North East, 0.4% in the South West, 0.5% in the South East, 0.7% in the North West and 0.8% in Yorkshire and the Humber.

Average mix-adjusted house prices in November 2009 were £206,435 in England, £154,459 in Wales, £163,231 in Scotland and £173,398 in Northern Ireland. The English region with the highest average house price in November remains London at £314,875. The lowest average price was in the North East at £138,126. Of the English regions, only the East, London, the South East and the South West had average prices above the UK average.

The UK annual growth in house prices for first time buyers rose from an average -0.1% in October to 3.9% in November. There was a rise of 0.9% between October and November in the price of properties bought by first time buyers compared with a fall of 3.0% last year resulting in an increase in the annual rate. The average price paid by first time buyers across the whole of the UK was £147,569 in November, while the average price paid by former owner occupiers was £233,020.

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