House price inflation continues to rise

Posted: 11 Dec 2006 12:16:58 GMT

New official figures show the annual house price inflation rate rose from eight per cent in September 2006 to 8.6 per cent in October 2006

New official figures show the annual house price inflation rate rose from eight per cent in September 2006 to 8.6 per cent in October 2006.

However, although the report by the Department for Communities and Local Government showed that between September and October there was a fall of 0.3 per cent in the prices of properties bought, there was a larger fall of 0.9 per cent over the same period last year resulting in an increase in the inflation rate.

The average price for detached house fell 2.1 per cent and terraced houses fell by 0.1 per cent.

The average price of semi-detached houses rose 0.9 per cent, bungalows rose 0.7 per cent and flats 0.3 per cent.

Looking at the separate regions of the UK, house price inflation increased in all areas except Wales, where it fell from 10.3 per cent to seven per cent.

In England the highest increase in inflation was in London, which rose by 10.6 per cent. Yorkshire and the Humber rose 8.4 per cent, the south-west 8.2 per cent and the north-west 7.9 per cent.

The inflation rate in Scotland rose from 12.9 per cent to 13.6 per cent and in Northern Ireland the rate rose from 23.6 per cent to 31.6 per cent.


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