The Department for Communities and Local Government (DCLG) has released its latest House Price Index for July 2007.
The mix-adjusted average house price in the UK in July 2007 stood at £218,479, up from £214,222 in June 2007 (not seasonally adjusted). UK annual house price inflation in July 2007 was 12.4%, up from 12.1% in June 2007. Annual house price inflation in London was 19.1% in July, up from 17.5% in June. The UK annual house price inflation rate for the 3 months to July was 11.8% and 17.0% in London.
The UK house price inflation rate rose from 12.1% in June 2007 to 12.4% in July 2007. Between June and July there was a rise of 2.0% in the prices index of properties bought compared with a smaller rise of 1.7% over the same period last year resulting in an increase in the inflation rate.
The rise in UK prices between June and July can be attributed to increases in average prices for detached houses (2.4%), bungalows (2.1%), terraced houses (2.0%) and flats and semi-detached houses (1.7% each).
Northern Ireland saw a decrease in inflation in July 2007 with annual house price inflation falling from 55.9% in June to 46.8% in July. In Wales the inflation rate stayed the same at 7.6% in June and July. England and Scotland saw house price inflation increases. In England annual house price inflation rose from 11.0% in June to 11.5% in July; In Scotland annual house price inflation in July was 16.4% compared with 15.6% in June.
House price inflation rose in five of the English regions, fell in three regions and stayed the same in one region.
The highest inflation rate was in London (19.1%) followed by South East (11.9%), and the South West (11.3%). Inflation rates were lower in the East (9.6%), North East (8.5%) and Yorkshire and the Humber (8.4%). The lowest inflation rates were in the North West (7.6%) West Midlands (7.3%) and the East Midlands (6.4%).
