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CLG: Annual house prices up 11.3%

Monday, 10 December 2007 12:00 AM

Annual average house price growth in the UK reached 11.3 per cent in October, up from 10.8 per cent in September.

That is according to the latest figures from the Department for Communities and Local Government (CLG), which also finds annual inflation in London was a "roaring" 17.7 per cent in October.

The average house price across the country is now £220,195, according today's figures, up from £220,111 in September 2007.

While seeming to buck the present trend of moderating growth in the market, the CLG figures are concerned with the October market, before the present downturn begun.

Between September and October there was less than a 0.1 per cent rise in prices.

This compares to a 0.4 per cent fall over the same period in 2006, resulting in an increase in the inflation rate.

"The CLG data do not significantly undermine belief housing market activity and prices are now cooling markedly in the face of tighter lending practices and stretched affordability pressures," said Howard Archer, at analysts Global Insight.

"Crucially, the CLG tends to provide lagging evidence on house prices, as the office calculates its index at the time when mortgages are completed."

The UK annual house price inflation rate for the three months to October was 11.1 per cent and 17.1 per cent in London, according to CLG - showing a slight downturn when compared to the annual growth.

The rise in prices in October compared to September was caused by a 0.8 per cent rise in the price of detached houses, as well as 0.2 per cent and 0.1 per cent rises in the cost of semi-detached and bungalow properties respectively.

These increases were partly offset by a fall in the price of terraced houses (0.4 per cent) and flats (0.7 per cent).

Across the country the large increases were recorded in the south-east (11.7 per cent), and the south-west (9.6 per cent).

The lowest levels of growth were recorded in the East Midlands (6.4 per cent) and the north-east (5.2 per cent).

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