ODPM reveals February price drop
The ODPM House Price Index for February revealed the mix-adjusted average house price in the UK stood at £183,224, with the UK annual house price inflation dropping to 3.6 per cent, from January’s total of 4.3 per cent.
The Index went on to show annual house price inflation fell from 5.3 per cent in January, to 1.9 per cent in England for February, but rose in Scotland, Wales and Northern Ireland. Inflation rose by 3.3 per cent between January and February in Northern Ireland, while, over the same period, house price inflation rose by 0.1 per cent in Wales, and by 1 per cent in Scotland.
Property prices for flats were most affected in the UK as a result of falling property and inflation rates. Prices were reduced by an estimated 4.6 per cent, with detached properties and bungalows falling by 1.2 and 1.1 per cent, respectively.
Regionally, mix-adjusted house prices stood at £191,563 for England and £148,652 for Wales. Scotland achieved mix-adjusted house price totals of £129,020, with properties in Northern Ireland averaging prices of £138,032.
London retained its title as the area with the highest average house price, at £263,222, while at the other end of the scale the North East recorded the lowest average house price, at £133,348. Only the East, London, the South East and the South West recorded house prices above the UK average of £183,224.
Mike Pendergast, an independent financial adviser at Zen Financial Services, said: “The results are probably just seasonal. I would imagine the housing market should pick up and March and April’s figures will show a rise in property values. The weather in January may not have helped either.”