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New data from the Department of Communities and Local Government shows house price inflation accelerating in June - the mix-adjusted average house price in the UK standing at £214,222, up from £210,793 in May (not seasonally adjusted).
UK annual house price inflation in June was 12.1%, up from 10.8% in May. Annual house price inflation in London meanwhile was 17.5% in June, up from 14.3% in May. And the UK annual house price inflation rate for the 3 months to June was 11.3%; (15.1% in London).
The rise in inflation in June came on the back of an increase of 1.6% in the prices index of properties bought compared with a smaller rise of 0.4% over the same period last year.
Average prices for flats rose by 2.4%, detached properties and bungalows by 2.3%, semi-detached dwellings by 1.1% and terraced houses by 1.0%.
Wales saw a decrease in inflation in June from 8.5% to 7.6%. In Scotland inflation stayed the same at 15.6%, while in England and Northern Ireland inflation rose from 9.6% to 11% and from 53.0% to 55.9% respectively.
Inflation rose in all nine of the English regions - the highest rate being in London (17.5%) followed by the South East (10.7%), East, Yorkshire and the Humber (both 9.6%) and the South West (9.4%). Inflation rates were lower in the North West (9.1%), East Midlands (8.5%) and the North East (8.1%). The lowest inflation rate was in the West Midlands (7.0%).
Mix-adjusted average house prices in June were £221,370 in England, £165,119 in Wales, £160,363 in Scotland and £240,302 in Northern Ireland.
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The English region with the highest average house price in June remained London at £332,009. The lowest average price was in the North East at £148,992.
Of the English regions, only the East, London, South East and South West had average prices above the UK average.
Elsewhere, the inflation rate for first time buyers rose from 11.3% to 12.4% - largely due to a rise of 1.5% in the prices index between May and June in the properties bought by first time buyers, compared with a smaller rise of 0.5% over the same period last year.
The rate for former owner occupiers rose from 10.5% to 11.9% - this on the back of an increase of 1.7% in the prices index for properties bought by former owner occupiers, compared with a smaller rise of 0.4% over the same period last year.
The average price paid by first time buyers across the whole of the UK was £164,755 in June, while the average price paid by former owner occupiers was £238,490.
13 August 2007 © Moneyextra.com
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