The latest House Price Index released today by the Department of Communities and Local Government (DCLG) reports that the mix-adjusted average house price in the UK in November 2007 stood at £218,330, down from £220,195 in October 2007 (not seasonally adjusted). UK annual house price inflation in November 2007 was 9.5%, down from 11.3% in October 2007.
Annual house price inflation in London was 14.1% in November, down from 17.7% in October. The UK annual house price inflation rate for the 3 months to November was 10.5% and 16.1% in London.
The UK house price inflation rate fell from 11.3% in October 2007 to 9.5% in November 2007. Between October and November there was a fall of 0.8% in the prices index of properties bought compared with a rise of 0.8% over the same period last year resulting in a decrease in the inflation rate.
The fall in UK prices between October and November can be attributed to decreases in average prices for detached houses (2.4%), bungalows (0.9%), flats (0.6%) and semi-detached houses (0.3%). It is partly offset by a small rise in the price of terraced houses (less than 0.1%).
Scotland saw an increase in house price inflation in November 2007 from 13.9% in October to 14.0% in November. England, Wales and Northern Ireland, though, saw decreases in house price inflation. In England house price inflation fell from 10.7% in October to 9.1% in November; In Wales inflation fell from 9.7% in October to 5.9% in November; In Northern Ireland house price inflation fell from 32.5% in October to 17.6% in November 2007.
The highest inflation rate was in London (14.1%) followed by the South East (10.7%), and the East (9.4%) Inflation rates were lower in the North East (7.6%), South West (7.2%) and the East Midlands (6.6%). The lowest inflation rates were in the North West (5.8%), Yorkshire and the Humber (5.7%) and the West Midlands (4.3%).
Mix-adjusted average house prices in November were £225,957 in England, £168,158 in Wales, £164,719 in Scotland and £225,890 in Northern Ireland.
The English region with the highest average house price in November remains London at £336,095. The lowest average price was in the North East at £151,508. Of the English regions, 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 fell from 10.9% in October to 9.4% in November. There was a fall of 0.9% in the prices index between October and November in the properties bought by first time buyers compared with a rise of 0.5% over the same period last year.
The inflation rate for former owner occupiers fell from 11.4% in October to 9.6% in November. There was a fall of 0.8% in the prices index between October and November in the properties bought by former owner occupiers, compared with a rise of 0.8% over the same period last year. The average price paid by first time buyers across the whole of the UK was £165,230 in November, while the average price paid by former owner occupiers was £244,380.
