House price inflation climbs again
Published On 13 March 2007
House price inflation in the UK reached 10.9 per cent in January, up from 9.9 per cent in the previous month.This has pushed the mix-adjusted average house price up from £201,090 to £205,286, suggesting that interest rate increases have failed to exert any major pressure on the market.
According to new figures from the Department of Communities and Local Government, house price inflation in London reached 13.2 per cent in January, up from 11.8 per cent in December.
The average homebuyer in London can now expect to pay £305,248 for a property, in comparison to an average of £212,845 in England as a whole.
Average property prices in Wales currently stand at £162,610 while buyers in Scotland are expected to fork out £150,509. In Northern Ireland, where house price inflation remains exceptionally strong, buyers are paying an average of £198,476.
According to a study from the Royal Institution of Chartered Surveyors, however, there is evidence that growth levels throughout the UK are beginning to ease.
House price growth in the UK is said to have fallen to its weakest pace for nine months and surveyors are reporting a lower number of buyer enquiries.
