According to figures published by the Department for Communities and Local Government this week, the latest UK house price index shows that UK house prices decreased by 1.5% during the year to July 2011.
The latest data which is based upon the number of mortgage completions during July 2011 also indicates that the house prices increased by 0.3% during the month of July. Overall in the UK property market, England decreased in value by 1.5%, Scotland by 1.8%, Wales by 0.1% and Northern Ireland by 4.1%.
Average house prices saw a slump in eight of the nine regions located across England over the year to July 2011. The largest decrease saw new homes in Birmingham and across the West Midlands decrease in value by 4.6%. The smallest decrease according to the data was in the East of England which includes new homes in Suffolk and new homes for sale in Norfolk with a decrease of 1%. The South East of England, which includes new homes for sale in Kent, also saw a decrease of 1%. London’s house prices saw a strong increase overall by 0.9%.
First time buyers also paid a decrease of 0.5% in house price values compared to July 2010 in the year previously.
The average UK house price is now £207,690 with average prices being 0.7% lower overall during the quarter to July. The average house prices across the UK include new homes in Scotland with an average of £165,687, £215,146 in England, £141,474 in Northern Ireland and £150,161 in Wales. Average house prices in London remained the highest national average at £347,271 and in the North East of England the lowest national average at £133,163.
In England, regions located in the South, including London, the South East, South West and the East of England all experienced average prices above the UK average in July which would indicate that the property markets in these area are stabilised. The figures include the prices for new homes for sale in Bristol, new homes in Cambridgeshire and new homes in Essex.
Notes to Editors:
What House? is a leading property website that features thousands of new homes in Lincolnshire as well as the rest of the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 30 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 23 categories.
