New property prices 'rose 12%'

Posted: 14 Dec 2011 16:36:28 GMT

The cost of new properties was more expensive this year than last.

The price of new property in the UK was higher in October this year than it was during the same four-week period 12 months earlier.

This is according to new statistics produced by the Department for Communities and Local Government - a group aiming to help the Conservative-Liberal Democrat coalition create a responsible Big Society - which showed the cost of these houses was 12.1 per cent greater on average across this time.

In addition, the findings also revealed prices for pre-owned abodes decreased by 1.2 per cent during the 12 month period.

Over the year, October house prices fell by 0.4 per cent but increased by 0.6 per cent across the year, with the average mix-adjusted house value arriving at £205,974.

Furthermore, the research found typical prices reduced in all UK countries during the year - by 0.2 per cent in England, 0.5 per cent in Wales, 1.5 per cent in Scotland and 12.1 per cent in Northern Ireland.

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