The mix-adjusted average house price in the UK in January 2008 stood at £221,758, up from £218,007 in December 2007 (not seasonally adjusted), reports the Department for Communities and Local Government.
UK annual house price inflation in January 2008 was 8.0%, down from 8.4% in December 2007. Annual house price inflation in London was 13.8% in January, up from 12.2% in December.
For the quarter ending January 2008 UK house prices increased by 0.7%. This compares with a price increase of 0.9% for the three months ending October 2007.
The UK house price inflation rate fell from 8.4% in December 2007 to 8.0% in January 2008. The figures for December and November have been revised following receipt of new data. Between December and January there was a rise of 1.7% in the prices index of properties bought compared with a larger rise of 2.1% over the same period last year resulting in a decrease in the annual inflation rate.
The rise in UK prices between December and January can be attributed to increases in average prices for detached houses (4.3%), flats (1.3%), bungalows (1.1%), semi-detached houses (0.9%) and terraced houses (0.5%).
England, Scotland and Northern Ireland saw decreases in house price inflation in January 2008. In England annual house price inflation fell from 8.1% in December to 7.9% in January; In Scotland annual house price inflation fell from 11.1% in December to 9.8% in January; In Northern Ireland annual house price inflation fell from 12.6% in December to 8.4% in January. Wales, though, saw an increase in house price inflation from 5.9% in December to 7.4% in January.
House price inflation fell in six of the English regions and rose in the other three regions.
The highest inflation rate was in London (13.8 percent) followed by the South East (8.8%), and the East (6.7%). Inflation rates were lower in the South West (6.3%), North East (5.7%) and Yorkshire and the Humber (5.5%). The lowest inflation rates were in the East Midlands (5.4%), the North West (4.8%) and the West Midlands (3.2%).
