Property prices within the UK increase

14/08/2007

During June 2007, UK’s house price inflation was 12.1 per cent which estimated to be the highest figures since May 2005.

The Department of Communities and Local Government stated that the mix-adjusted average property price in UK 2007 averaged at £214,222, this an increase from £210,793 in May 2007.

The annual UK house price inflation rate for 12 weeks to June estimated 11.3 per cent and 15.1 per cent around London area.

House prices between May and June are known to increase as average prices for flats were (2.4 per cent), bungalows and detached properties (2.3 per cent), terraced property (1.0 per cent), semi-detached dwellings (1.1 per cent).

Chief economist at Halifax Martin Ellis stated: "We expect the downward trend in house price growth to continue as the five interest rate rises since last summer have an increasing impact on household spending and housing demand. Sound economic fundamentals, high levels of employment and a shortage in the number of properties available for sale, particularly in London and the South East, will, however, continue to support house prices."

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