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CLG: House prices up 0.3% in September

Monday, 12 November 2007 12:00 AM

House prices increased by 0.3 per cent during September, according to figures released by the Department for Communities and Local Government (CLG) today.

The average house price in the UK stood at £220,111 during September, up a touch from £219,369 in August.

However, annual average house price inflation fell to 10.8 per cent according to the CLG.

This is down from 11.3 per cent in August.

The three-month average increase in house prices across the UK stood at 11.5 per cent in September.

The increases in average prices can be attributed to a 1.2 per cent rise in the price of flats, a 0.3 per cent increase in the price of semi-detached houses and a 0.1 per cent increase in the price of detached houses.

These gains, however, were partly offset by a 0.2 per cent fall in the price of terraced housing.

Regionally London was still leading the way in terms of growth.

Prices were up 16.5 per cent in the capital over the last twelve months, compared to 11.5 per cent in the south-east and 9.2 per cent in the south-west.

The lowest rates of growth were recorded in the north-west and West Midlands, with the regions seeing price increases of 6.2 and five per cent respectively over the last 12 months.

The CLG findings also revealed a slight fall in the rate of UK house price inflation for first-time buyers, down to 11.8 per cent in September from 12 per cent in August.

First-time buyers now pay an average of £167,503 for their property.

Commenting on CLG house price index, RICS senior economist, David Stubbs said: "Although today's numbers show annual house price growth remaining in double digits, the slowdown in the UK housing market can clearly be seen.

"This is the smallest rise for seven months and is the prelude to a sharper reduction in house price growth which is happening right now.

"Indeed, these figures show that house prices fell in five out of the twelve regions of the UK during September."

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