According to the latest statistical release from the Department of Communities and Local Government (DCLG), the mix-adjusted average house price in the UK in March 2007 stood at £206,890, up from £204,556 in February 2007 (not seasonally adjusted).
UK house price inflation rate fell from 11.8% in February 2007 to 10.9% in March 2007. Between February and March there was a rise of 1.1% in the prices index of properties bought compared with a larger rise of 2.0% over the same period last year resulting in a decrease in the inflation rate. Annual house price inflation in London was 13.9% in March, down from 16.1% in February.
The UK annual house price inflation rate for the 3 months to March was 11.2% and 14.3% in London.
The rise in UK prices between February and March can be attributed to increases in average prices for semi-detached dwellings (2.2%), terraced houses (1.5%), flats (1.1%) and bungalows (0.7%) and only partly offset by a fall in the price of detached houses (0.2%).
DCLG says that England, Scotland and Wales saw decreases in inflation in March 2007. The inflation rate in England fell from 10.7% in February to 9.8% in March; the inflation rate in Scotland fell from 16.6% to 14.8%; in Wales the rate fell from 10.7% to 9.7%. Northern Ireland was the only home country where the inflation rate rose, from 48.5% to 50.1%.
