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Detailed figures for UK property market show extent of downward spiral

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Detailed figures for UK property market show extent of downward spiral

The ups and downs of the UK residential property market is borne out in the latest data published today (Tuesday September 13) by the Department for Communities and Local Government.

The latest UK house price index includes data based on mortgage completions during the month of July 2011.

It shows that in July UK house prices decreased by 1.5% over the year and increased by 0.3% over the month, seasonally adjusted.

The average UK house price was £207,690, not seasonally adjusted, and average house prices were 0.7% lower over the quarter to July, compared to a quarterly decrease of 0.2% over from the quarter to April, seasonally adjusted.

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Average prices decreased during the year in all UK countries; England was down 1.5%, Wales was down 0.1%, Scotland was down 1.8% and Northern Ireland was down 4.1%.

Average house prices decreased in eight of the nine English regions over the year to July 2011. The largest decrease was in the West Midlands at 4.6%, while the smallest was in the East and South East, both down 1%. London registered an annual house price increase of 0.9%.

Over the month to July there were average price rises in seven regions, ranging from 0.1% in Yorkshire and the Humber to 3.4% in the North West. There were average monthly price falls of 0.4% in the West Midlands and 0.8% in the North East.

Average house prices in July stood at £215,146 in England, £141,474 in Northern Ireland, £165,687 in Scotland and £150,161 in Wales. London remains the English region with the highest average house price at £347,271. The North East has the lowest average price at £133,163.

In England, southern regions including the East of England, London, the South East and South West all had average prices above the UK average in July.

Excluding London and the South East, the average UK price in July was £170,615, a decrease of 2.5% over the year.

The index also shows that prices paid by first time buyers were 0.5% lower on average than a year earlier and prices paid by former owner occupiers also decreased by 1.9%.

Prices for new properties were 6.7% higher on average than a year earlier whilst prices for pre-owned dwellings decreased by 2.1%.

From: http://ca.ibtimes.com/articles/212868/20110913/detailed-figures-for-uk-property-market-show-extent-of-downward-spiral.htm

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