U.K. house price rise slows down in June |
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Tue, 15 Aug 2006 09:10
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LONDON: House prices in the U.K. rose 5.2 per cent year-on-year in June 2006, against a 5.6 per cent rise reported in May, according official data. Hotspots in the country like London experienced considerable downturns, the figures indicated.
The department for communities and local government (formerly the office of the deputy prime minister) said the average house price stood at 190,883 pounds in June compared with 190,065 pounds in May.
The hike in interest rates announced by the Bank of England earlier this month and the apprehension that there could be further rate hikes kept the prices under tight control, according to analysts.
The report by the department said prices for first-time buyers rose at an annual rate of 6.8 per cent, outstripping the overall rate, as newcomers paid an average of 149,215 pounds for a house.
London retained its position as the most expensive area for homes, with average price of around 280,000 pounds. But, the annual house price inflation came down to 5.8 per cent in June, from 7 per cent in May.
Annual house price inflation in Northern Ireland rose from 18 per cent to 18.5 per cent between May and June. In Wales, the increase was from 4.8 per cent to 8.5 per cent.
Against these government figures, a survey done by the National Association of Estate Agents in July showed that the number of homebuyers has risen by 10 per cent from last year and housing stock increased by 20 per cent. It also indicated that sales were up by 40 per cent in July from the same period last year and the first-time buyer share of the market went up from 7.8 per cent to 11.3 per cent.
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Land Registry data shows lowest rise in house prices for 10 years 