The mix-adjusted average house price in the UK in November 2006 stood at £199,467, up from £197,987 in October 2006 (not seasonally adjusted), according to the latest House Price Index released by the Department of Communities & Local Government.
UK annual house price inflation in November 2006 was 8.9%, up from 8.6% in October 2006. Annual house price inflation in London was 10.1% in November 2006, down from 10.6% in October 2006. The UK annual house price inflation rate for the 3 months to November 2006 was 8.5% and 9.9% in London.
Between October and November there was a rise of 0.7% in the prices of properties bought compared with a smaller rise of 0.5% over the same period last year resulting in an increase in the inflation rate. The rise in UK prices between October and November can be attributed to rises in average prices for terraced houses (1.5%), detached dwellings (0.9%), semi-detached houses (0.6%) and bungalows (0.1%). The price of flats fell slightly (0.3%).
In the home countries in November, England, Wales and Northern Ireland saw increases in inflation, while inflation fell in Scotland. The inflation rate in England rose from 7.9% in October to 8.0% in November; the inflation rate in Wales rose from 7.0% to 10.5%; in Northern Ireland the rate rose from 31.6% to 36.6%. In Scotland the rate fell slightly from 13.6% to 13.4%.
House price inflation rose in four of the English regions (North West, Yorkshire and the Humber, West Midlands and South East) and fell in five regions (North East, East Midlands, East, London and South West). The highest inflation rate was in the Yorkshire and the Humber (10.3%) followed by London (10.1%), North West (8.7%) and South West (8.0%). Inflation rates were lower in the South East (7.2%), the West Midlands (7.0%), and East and North East (both 6.4%). The lowest inflation rate was in the East Midlands (5.2%).
Mix-adjusted average house prices in November were £206,990 in England, £161,285 in Wales, £144,842 in Scotland and £186,695 in Northern Ireland. The English region with the highest average house price in November remains London at £291,006. The lowest average price was in the North East at £142,026. Only the East, London, South East and the South West had average prices above the UK average.
The UK house price inflation rate for first time buyers rose from 8.5% in October to 8.8% in November. There was a rise of 0.5% in prices between October and November in the properties bought by first time buyers compared with a rise of 0.2% over the same period last year. The average price paid by first time buyers across the whole of the UK was £153,906 in November, while the average price paid by former owner occupiers was £218,902.
The inflation rate for former owner occupiers rose from 8.7% in October to 9.0% in November. There was a rise of 0.8% in prices between October and November in the properties bought by former owner occupiers, compared with a rise of 0.6% over the same period last year.
