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UK house prices 'reach 14-month high' |
| Wednesday, 13th September 2006 |
Annual house price growth in the UK reached a 14-month high in July, official figures revealed today |
House prices rose 6% in the year to July, up from 5.3% the previous month according to the Department for Communities and Local Government (DCLG).
A buoyant property market saw the average house price reach £194,454, up from £191,016 in June, with detached, semidetached and terraced homes all increasing in price.
Prices soared in London with annual growth hitting 7.1%, a 1.6% rise on the previous month, to boost the average property to £285,434.
Homes in England reached an average price of £202,660 in July with annual growth at 5.5% from 4.6% in June. Yorkshire and the Humber recorded the strongest growth at 8.4%, followed by London and then the North West at 6.2%.
But house prices grew slowest in both the East and West Midlands at under 4%.
Scottish properties also saw annual growth rates rise to 9.3% from 8.9% with the average home costing £140,460.
But Northern Ireland saw growth slip from 19.1% to 18.3% in July on average property prices of £158,104.
Wales also saw house price inflation slow to 7.4% from 8.5% with the average home costing £156,205.
First-time buyers struggling to get on the property ladder saw price inflation fall from 6.9% in June to 5.6% in July on an average property price of £150,252.
Milan Khatri of the Royal Institution of Chartered Surveyors said: "The acceleration in house price inflation reported by the DCLG for July to a 14-month high confirms that the property market enjoyed a firm rebound during the summer months.
"House price rises for first-time buyer properties fell back in July but at 5.6% is still running above average wage rises, increasing difficulties for would-be buyers to get on to the housing ladder."
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