According to the latest Department for Communities and Local Government (DCLG) statistical report released today, the mix-adjusted average house price in the UK in May 2007 stood at £211,056, up from £209,454 in April 2007 (not seasonally adjusted).
UK annual house price inflation in May 2007 was 10.9%, down from 11.3% in April 2007. Annual house price inflation in London was 14.5% in May, up from 14.0% in April.
England, Scotland, Wales and Northern Ireland all saw decreases in house price inflation in May 2007. The inflation rate in England fell from 10.0% in April to 9.8 in May; the inflation rate in Scotland fell from 17.8% to 15.5%; in Wales the rate fell from 9.0% to 8.9% and in Northern Ireland the rate fell from 54.1% to 51.9%.
The UK house price inflation rate for first time buyers remained unchanged at 11.2% in May. The inflation rate for former owner occupiers fell from 11.3% in April to 10.8% in May. The average price paid by first time buyers across the whole of the UK was £162,055 in May, while the average price paid by former owner occupiers was £235,095.
