House prices edge down, says official index
Wednesday, 18 January 2012 10:57 AM
House prices fell 0.3 per cent in the year to November and were unchanged over the month, according to the government's official figures.
The Department for Communities and Local Government house price index, generally regarded as the most comprehensive, said the average price of a UK home was £205,796. The annual rate of house price inflation has now been in negative territory since April.
Prices rose 0.2 per cent in the three months to November after no change in the previous three months.
All four UK countries saw a fall in prices over the year, with England down 0.1 per cent, Scotland 0.8 per cent, Wales 1.6 per cent and Northern Ireland 11.7 per cent.
Within England, prices rose over the year in London and the East Midlands but fell everywhere else. The biggest declines came in the North West and Yorkshire & Humber.
First-time buyers paid an average of 0.7 per cent more for a home than a year earlier while former owner-occupiers paid 0.7 per cent less.
That could reflect the fact that the price of new-build properties rose 7.7 per cent while the price of second hand homes fell 0.9 per cent.
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