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12/04/2005
UK house prices fall, report shows
UK house prices fell by 0.5% between January and February, figures from the Office of the Deputy Prime Minister (ODPM) have shown.
The drop in prices, which saw the average house price in the UK in February fall to £179,491 from £180,465 in January, is smaller than the 1% fall reported in the same period last year.
However, annual house price inflation rose to 10.5% in February, an increase from 10% in January.
The highest inflation rates were reported in the North East, Yorkshire and the Humber (both 18.2%) and the North West (16.7%). In the West Midlands, the East Midlands and the South West inflation rates ranged between 10% and 13%. Inflation fell below 10% in the East and London and was lowest in the South East, where inflation fell from 5.3% in January to 5% in February.
The average house prices were reported to be £189,249 in England; £140,955 in Wales; £115,294 in Scotland and £119.596 in Northern Ireland.
The figures showed that England and Scotland saw a rise in annual inflation in February, while annual inflation fell in Wales and Northern Ireland.
Last week the Halifax reported that house prices increased by 0.5% in March, offsetting the 0.5% fall in February. However, their figures indicated that the annual rate of house price inflation was continuing to slow.
Halifax stated that there were "increasing signs that activity levels are now stabilising and house prices are broadly static at a national level".
(KmcA/GB)
The drop in prices, which saw the average house price in the UK in February fall to £179,491 from £180,465 in January, is smaller than the 1% fall reported in the same period last year.
However, annual house price inflation rose to 10.5% in February, an increase from 10% in January.
The highest inflation rates were reported in the North East, Yorkshire and the Humber (both 18.2%) and the North West (16.7%). In the West Midlands, the East Midlands and the South West inflation rates ranged between 10% and 13%. Inflation fell below 10% in the East and London and was lowest in the South East, where inflation fell from 5.3% in January to 5% in February.
The average house prices were reported to be £189,249 in England; £140,955 in Wales; £115,294 in Scotland and £119.596 in Northern Ireland.
The figures showed that England and Scotland saw a rise in annual inflation in February, while annual inflation fell in Wales and Northern Ireland.
Last week the Halifax reported that house prices increased by 0.5% in March, offsetting the 0.5% fall in February. However, their figures indicated that the annual rate of house price inflation was continuing to slow.
Halifax stated that there were "increasing signs that activity levels are now stabilising and house prices are broadly static at a national level".
(KmcA/GB)
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House price inflation declines
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
