House prices up 8.3%

Landlord Expert
By Landlord Expert October 12, 2010 13:14

The UK average house price rose by 8.3 per cent in the year to August 2010, compared with a rise of 8.4 per cent in the year to July, reveals the CLG House Price Index.

In the month to August there was a rise of 0.7 per cent in house prices, matching the seasonally adjusted increase observed in the same month last year.

In August the seasonally adjusted index (the best indicator of trends in house prices over time) was 4.0 per cent below the recent peak in April 2008, but 11.9 per cent above the recent trough in April 2009.

House Price Index: Country

Average house prices rose in all UK countries except Northern Ireland in the year to August 2010. There was annual house price growth in England (9.3 per cent), in Scotland (0.4 per cent) and in Wales (9.0 per cent) whilst prices fell in Northern Ireland by 18.8 per cent.

House Price Index: Region

Average mix-adjusted house prices rose in all English regions in August with the exception of London and the East Midlands. All regions saw increases in average house prices over the year to August, the largest being in London (12.4 per cent) and the smallest in Yorkshire and the Humber (3.8 per cent).

House Prices: Countries and Regions

Average mix-adjusted house prices in August were £220,709 in England, £168,276 in Scotland, £150,617 in Northern Ireland and £156,821 in Wales. London remains the English region with the highest average house price (£339,851). The North East was the lowest at £140,720.

In England, the East of England, London, South East and South West all had average prices above the UK average in August.

House Price Index: Type of Buyer

Annual growth in UK house prices for first time buyers was 8.2 per cent in August compared to 7.5 per cent in the year to July. Between July and August 2010 the average price of properties bought by first time buyers grew by 0.6 per cent, matching the increase observed during the same period last year.

Annual growth for former owner occupiers was 8.3 per cent in August compared to 8.7 per cent in the year to July. Between July and August 2010 the average price of properties bought by former owner occupiers increased by 0.4 per cent compared to a 0.6 per cent increase in the same month last year.

The average house price paid by first time buyers in the UK in August was £156,899 compared to £247,772 paid by former owner occupiers.

House Price Index: New and pre-owned dwellings

Annual growth in UK house prices for new properties was 8.6 per cent in August compared to 9.5 per cent in July. This reflects a monthly decrease of 2.5 per cent in the average price of new properties in August compared to a decrease of 1.7 per cent in the same month last year.

The annual house price growth rate for pre-owned dwellings was 8.3 per cent in August, unchanged from the annual growth rate in July. Between July and August 2010 the house price growth rate for pre-owned dwellings was 0.8 per cent, compared with a 0.7 per cent increase in the same month last year.

The average price paid for a new property in the UK in August was £187,848 and the average price paid for a pre-owned property was £215,111.

Landlord Expert
By Landlord Expert October 12, 2010 13:14

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