UK house prices continue to grow
Posted: 11 Sep 2006 11:19:38 GMT
The average house price in the UK rose by 1.8 per cent from 191,016 in June 2006 to £194,454 in July, according to official figures.
The Department for Communities and Local Government House Price Index reveals that annual house price inflation for July this year was six per cent, up from 5.3 per cent the previous month, with Yorkshire and the Humber and London driving the UK housing market.
Annual house price inflation in the capital soared to 7.1 per cent in July 2006, a significant increase from 5.5 per cent in June 2006, while house price inflation rocketed by 8.4 per cent across Yorkshire and the Humber.
The quarterly annual house price inflation rate for the three months to July 2006 was 5.7 per cent across Britain and 6.6 per cent in London. The price of an average home in London has now reached £285,434, while homes in the north east fetch an average of £140,609.
Average prices for detached houses, terraced houses and semi detached houses all rose slightly during July this year, with house price inflation recorded in the home counties, the rest of England and Scotland, while inflation rates dipped in Wales and Northern Ireland.
House prices in the UK increased by one per cent in August this year, with the quarterly rate of increase a more moderate 0.2 per cent between May and August, the Halifax House Price Index states.