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DCLG: House prices up by 0.4%

Monday, 14 August 2006 12:00 AM

House prices increased by 0.4 per cent between May and June, official figures show.

The increase took the average house price to £190,883, some 5.2 per cent higher than the same time last year, according to data from the Department for Communities and Local Government (DCLG).

Across the UK, this is a slight fall on May's figure of 5.6 per cent, although inflation actually increased in Wales and Northern Ireland - in the former it jumped from 4.8 per cent in May to 8.2 per cent in June.

London was one of seven regions in England where house price inflation fell - from seven per cent to 5.8 per cent in June - although it was still the second best performer behind Yorkshire and Humber where inflation was 6.7 per cent.

London remains the English region with the highest average house price at £279,763, while the north-east has the lowest average price at £138,998, according to the DLCG index, which lags a month behind the other main indices.

House price inflation rose for first-time buyers - from 6.3 per cent to 6.8 per cent - while it fell for owner occupiers - from 5.4 per cent to 4.7 per cent.

This may constrain affordability for first-time buyers in the coming months.

Howard Archer, chief economist at Global Insight, said: "Even if house prices do see significant strength in the near term, we continue to believe that affordability constraints will cause them to ultimately settle down into an extended period of relatively modest rises."

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