UK house prices were 6.2 per cent higher than in January 2009 and 2.2 per cent higher than in December 2009, reveals the latest House Price Index – January 2010.
The UK average house price rose by 6.2 per cent in the year to January 2010, compared with a rise of 2.9 per cent in the year to December. Between December and January there was a rise of 2.2 per cent in house prices compared with a fall of 0.9 per cent over the same period last year. Nine consecutive month on month rises in the UK house price index have resulted in an increase over the year to January.
House Price Index: Country
Annual house prices rose in all UK countries except Northern Ireland in the year to January 2010. Annual house price growth was 6.6 per cent in England, 1.3 per cent in Wales and 7.1 per cent in Scotland in January whereas in Northern Ireland house prices fell by 13.7 per cent on average in the year to January.
House Price Index: Region
Average mix-adjusted house prices rose between December and January in seven of the nine English regions (Yorkshire and the Humber, East and West Midlands, the East, London, the South East and South West) and fell in the remaining two regions (non-seasonally adjusted).
The annual house price rates of change in England ranged from -1.5 per cent in the North East to 11.2 per cent in London. The annual growth rates in the other regions were 1.9 per cent in Yorkshire and the Humber, 3.8 per cent in the West Midlands, 3.9 per cent in the North West, 5.1 per cent in the East Midlands, 5.7 per cent in the East, 6.3 per cent in the South West and 8.1 per cent in the South East.
House Prices: Countries and Regions
Average mix-adjusted house prices in January 2010 were £214,003 in England, £154,255 in Wales, £165,766 in Scotland and £170,215 in Northern Ireland. The English region with the highest average house price in January remains London at £332,476. The lowest average price was in the North East at £132,522.
Of the English regions, the South West, the East, the South East and London had average prices above the UK average.
House Price Index: Type of Buyer
The UK annual growth in house prices for first time buyers rose from an average 6.8 per cent in December to 8.9 per cent in January. There was a rise of 0.2 per cent between December and January in the price of properties bought by first time buyers compared with a fall of 1.7 per cent last year resulting in an increase in the annual rate.
The annual house price growth rate for former owner occupiers was 5.2 per cent in January, up from 1.4 per cent in December. Average prices between December and January for properties bought by former owner occupiers rose by 3.0 per cent compared with a fall of 0.7 per cent at the same time last year resulting in annual house price growth.
The average price paid by first time buyers across the whole of the UK was £149,924 in January, while the average price paid by former owner occupiers was £242,404.
House Price Index: New and pre-owned dwellings
The UK annual rate of change in house prices for new dwellings fell from an average -1.5 per cent in December to -2.1 per cent in January. There was an increase of 3.3 per cent between December and January in the price of new properties compared with a larger rise of 3.9 per cent last year resulting in an annual decrease in prices.
The annual house price growth rate for pre-owned dwellings was 6.8 per cent in January, up from 3.2 per cent in December. The prices index between December and January for pre-owned properties rose by 2.3 per cent compared with a fall of 1.0 per cent over the same period last year resulting in an increase in the annual rate.
The average price paid for a new property across the whole of the UK was £197,194 in January, while the average price paid for a pre-owned property was £207,848.
Source – myintroducer.com
Justin Moy