September 2007 House Price Index

The house price growth has dropped from 10.2% to 9.3% in the third quarter. Evidence shows that growth slowed in 9 of 13 regions. Northern Ireland was top of the rankings for fastest house price inflation for the tenth consecutive quarter but it saw the biggest slowdown of house price growth. London saw the second fastest rate in the UK at 16.5% and the average house price is over £300,000 for the first time. The East and West Midlands fared worst in the rankings with 4.8% and 4.6%.

In England there is still a North-South divide. House prices in the North increased by 5.2% over the last year. The South increased by 12% with only a 4.7% increase for the Midlands.

London, for the ninth consecutive quarter out performed the average for England and saw the fastest annual and quarterly rate of growth in the third quarter. The typical first time buyer property is now over £260,000 high than the Chancellors proposed limit for stamp duty.

Scotland had a strong performance in the third quarter with an annual rate of house price increases of 12.2% but this market is also cooling and is 2.5% lower than the last quarter. Scotland has one of the cheaper house markets in the UK with the average cost of a house being £152,479.

Wales had one of the weakest inflations in the UK at 5.5% a reduction of l.9% from the second quarter. The average property in Wales is now £153,655.

Northern Ireland has still prices increasing at 42.6% per annum. The growth in the third quarter shows rapid cooling of the market. The typical first time buyer’s property in Northern Ireland now costs over £200,000 higher than anywhere in the UK other than London. The average house price in Ireland is £227,970.

The annual rate of house price growth in London reached 16.5% in the third quarter but the quarterly rate remained at 3.4%. London’s market is supported by the lack of homes and employment that will be required for the Olympics developments. The average price of a London house is now £302,486.

House prices in England rose on average by 9.4% over the past year bringing the average price up to £202,258.

Regional House Price

 

 

 

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