fbpx

ODPM House Price Index shows slight drop in house prices for November

Amanda Jarvis

January 11, 2005

– UK annual house price inflation in November 2004 was 13.8 per cent, up from 12.6 per cent in October.
– Annual house price inflation in London was 7.1 per cent in November 2004, up from 7.0 per cent in October.

HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate rose from 12.6 per cent in October to 13.8 per cent in November. Although prices between October and November fell slightly by 0.1 per cent, annual inflation rose because prices fell by 1.1 per cent over the same period last year.

The fall in UK prices between October and November can be attributed to falls in prices for detached houses by 0.7 per cent and flats by 0.5 per cent, only partially offset by rises in prices of semi-detached houses by 0.4 per cent and terraced houses by 0.1 per cent.

All the home countries except for Northern Ireland saw a rise in their annual inflation rate in November. The inflation rate in Northern Ireland was unchanged at 13.4 per cent. Inflation in England rose from 11.9 per cent in October to 13.1 per cent in November. Annual inflation in Wales rose from 23.2 per cent in October to 24.2 per cent in November. Scotland saw inflation rise from 17.8 per cent to 19.5 per cent over the same period.

The rise in annual house price inflation for the whole of England in November was also reflected across all regions except for the West Midlands, where the rate was unchanged. The highest rates remain in the North East (26.2 per cent), the North West (21.1 per cent) and Yorkshire and the Humber (21.7 per cent). Inflation rates in these regions remain substantially higher than in the rest of England, although rates in the East Midlands, the West Midlands and the South West also remain high at above 15 per cent. Inflation in London rose slightly from 7.0 per cent in October to 7.1 per cent in November – due to a marginally lower fall in prices between October and November this year compared with last year.

HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in November were £192,713 in England, £139,544 in Wales, £116,543 in Scotland and £111,314 in Northern Ireland.

The English region with the highest average house price in November was London at £262,825. The lowest average price was in the North East at £130,244.

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 12.5 per cent in October to 15.0 per cent in November. This was due to a rise of 0.3 per cent in prices between October and November, compared with a fall of 2.0 per cent seen over the same period last year. The inflation rate for former owner occupiers rose from 12.7 per cent in October to 13.3 per cent in November. This was due to a fall of 0.3 per cent in prices between October and November, compared with a fall of 0.8 per cent over the same period last year.

The average price paid by first time buyers across the whole of the UK was £144,226 in November, while the average price paid by former owner occupiers was £199,734.


Sign up to our daily email