Average house price nears £200,000

The average house price in the UK in November 2006 stood at £199,467, up from £197,987 in October 2006, according to the Department for Communities and Local Government (DCLG).

UK annual house price inflation in November 2006 was 8.9 per cent, up from 8.6 per cent in October 2006. Annual house price inflation in London was 10.1 per cent in November 2006, down from 10.6 per cent in October 2006.

The UK annual house price inflation rate for the 3 months to November 2006 was 8.5 per cent and 9.9 per cent in London.

House Price Inflation: Regional

The UK house price inflation rate rose from 8.6 per cent in October 2006 to 8.9 per cent in November 2006. Between October and November there was a rise of 0.7 per cent in the prices of properties bought compared with a smaller rise of 0.5 per cent over the same period last year resulting in an increase in the inflation rate.

The rise in UK prices between October and November can be attributed to rises in average prices for terraced houses (1.5 per cent), detached dwellings (0.9 per cent), semi-detached houses (0.6 per cent) and bungalows (0.1 per cent). The price of flats fell slightly (0.3 per cent).

In the home countries in November, England, Wales and Northern Ireland saw increases in inflation, while inflation fell in Scotland. The inflation rate in England rose from 7.9 per cent in October to 8.0 per cent in November; the inflation rate in Wales rose from 7.0 per cent to 10.5 per cent; in Northern Ireland the rate rose from 31.6 per cent to 36.6 per cent. In Scotland the rate fell slightly from 13.6 per cent to 13.4 per cent.

House price inflation rose in four of the English regions (North West, Yorkshire and the Humber, West Midlands and South East) and fell in five regions (North East, East Midlands, East, London and South West). The highest inflation rate was in the Yorkshire and the Humber (10.3 per cent) followed by London (10.1 per cent), North West (8.7 per cent) and South West (8.0 per cent). Inflation rates were lower in the South East (7.2 per cent), the West Midlands (7.0 per cent), and East and North East (both 6.4 per cent). The lowest inflation rate was in the East Midlands (5.2 per cent).

House Prices: Regional

Mix-adjusted average house prices in November were £206,990 in England, £161,285 in Wales, £144,842 in Scotland and £186,695 in Northern Ireland.

The English region with the highest average house price in November remains London at £291,006. The lowest average price was in the North East at £142,026.

Only the East, London, South East and the South West had average prices above the UK average.

House Price Inflation: Type of uyer

The UK house price inflation rate for first time buyers rose from 8.5 per cent in October to 8.8 per cent in November. There was a rise of 0.5 per cent in prices between October and November in the properties bought by first time buyers compared with a rise of 0.2 per cent over the same period last year.

The inflation rate for former owner occupiers rose from 8.7 per cent in October to 9.0 per cent in November. There was a rise of 0.8 per cent in prices between October and November in the properties bought by former owner occupiers, compared with a rise of 0.6 per cent over the same period last year.

The average price paid by first time buyers across the whole of the UK was £153,906 in November, while the average price paid by former owner occupiers was £218,902.