CLG offers update on house prices

Posted: 12 Aug 2009 11:28:09 GMT

The average house prices paid by first-time buyers in June 2009 were 11.7 per cent lower than one year before, new research has suggested.

According to the Communities and Local Government (CLG) department, the average property prices paid by former owner occupiers were 10.3 per cent down year-on-year.

Other key points raised by the study included a geographical breakdown of the value of property across the UK.

It indicated that annual average house prices dropped in England by 10.7 per cent, while Wales, Scotland and Northern Ireland witnessed 12.2 per cent, 7.1 per cent and 23 per cent reductions respectively.

The mix-adjusted average house price in the whole of the UK apparently stood at £191,423 in June 2009.

Meanwhile, research from both Nationwide Building Society and Halifax has indicated that the value of bricks and mortar in the UK has increased in recent months.


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