The Department for Communities and Local Government (DCLG) has published its latest House Price Index for June 2007. UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London.
The rise in UK prices between May and June can be attributed to increases in average prices for flats (2.4%), detached properties and bungalows (2.3% each), semi-detached dwellings (1.1%) and terraced houses (1.0%).
Wales saw a decrease in inflation from 8.5% in May to 7.6% in June. In Scotland the inflation rate stayed the same at 15.6% in May and June. In England annual house price inflation rose from 9.6% in May to 11.0% in June while in Northern Ireland annual house price inflation in June was 55.9% compared with 53.0% in May.
House price inflation rose in all nine of the English regions. The highest inflation rate was in London (17.5%) followed by South East (10.7%), East and Yorkshire and the Humber (9.6 respectively) 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%).
The mix-adjusted average house price in the UK in June 2007 stood at £214,222, up from £210,793 in May 2007 (not seasonally adjusted).
Note: Since September 2005 the DCLG mix-adjusted house price index is based on a sample of completions data (about 50,000 per month) from about 50 mortgage lenders who supply data through the Regulated Mortgage Survey of the Council of Mortgage Lenders.
