The latest UK house price index statistics produced by Communities and Local Government were released on Tuesday 10th June 2008 and includes data based on mortgage completions during the month of April 2008.
The UK average house price grew by 4.9% in the year to April 2008, down from 5.2% in the year to March 2008. Between March and April there was a rise of 0.7% in the prices index of properties bought compared with a larger rise of 1.0% over the same period last year, resulting in a decrease in the annual rate. The rise in UK prices between March and April 2008 can be attributed to increases in average prices for terraced houses (1.3%), detached and semi-detached houses (0.8% each) and bungalows (0.1%). The rise is offset by a decrease in average prices for flats (0.3%).
Annual rates of growth in house prices decreased in all countries of the UK in April 2008. In England annual growth in house prices fell from 5.2% in March to 5.0% in April; In Scotland annual house price growth fell from 9.3% in March to 7.7% in April; In Wales annual house price growth fell from 4.1% in March to 2.9% in April; In Northern Ireland annual growth in house prices fell from -1.2% in March to -2.8% in April.
House price annual rates of change fell in five of the English regions, stayed the same in the East and rose in the other three regions. The highest annual house price growth was in London (7.5%) followed by the South East (6.3%), and the East (5.9%). Annual house price growth was lower in the North East (5.0%), Yorkshire and the Humber (3.8%) and the South West (3.3%). The lowest annual house price rates of change were in the North West (3.2%), the West Midlands (1.9%) and the East Midlands (1.2% each).
Mix-adjusted average house prices in April 2008 were £226,194 in England, £164,994 in Wales, £165,546 in Scotland and £224,664 in Northern Ireland. The English region with the highest average house price in April remains London at £342,921. The lowest average price was in the North East at £151,330. Of the English regions, only the East, London, South East and the South West had average prices above the UK average.
The annual UK house price growth rate for first time buyers fell from 4.9% in March to 3.9% in April. There was a rise of 0.4% in the prices index between March and April in the properties bought by first time buyers compared with a larger rise of 1.4% last year resulting in the annual rate of change falling.
The annual house price growth rate for former owner occupiers fell from 5.3% in March to 5.2% in April. The prices index between March and April for properties bought by former owner occupiers increased by 0.8% whereas there was a larger rise of 0.9% at the same time last year resulting in a decrease in the annual rate.
The average price paid by first time buyers across the whole of the UK was £161,959 in April, while the average price paid by former owner occupiers was £252,649.
