London and new homes the gainers in 2011
Tuesday, 14 February 2012 1:00 PM
London and the South West were the only parts of the UK to see an increase in house prices in 2011, according to official government figures.
Across the country as a whole, prices rose 0.4 per cent in December, according to the Department for Communities and Local Government. That was enough to push the annual rate up by just 0.1 per cent and send the average price of a home in the UK to £205,269.
Prices across the country have seen a slow but steady revival since the annual rate hit an 18-month low of -2.2 per cent in May 2011.
However, the flat-lining at a national level over last year concealed some big differences between regions.
Prices rose 4.4 per cent in London and 0.5 per cent in the South West and they were unchanged in the South East and East Midlands.
However, they fell in all other regions, with the biggest declines coming in Northern Ireland (-8.1 per cent) and Scotland (-4.6 per cent).
Other differences emerged in the prices paid by first-time buyers (up 1.6 per cent) and former owner-occupiers (down 0.5 per cent).
Meanwhile prices of new homes were up 9.5 per cent on average over the year while prices for pre-owned homes fell 0.6 per cent.
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