The mix-adjusted average house price in the UK in January 2007 stood at £205,286, up from £201,090 in December 2006 (not seasonally adjusted).
UK annual house price inflation in January 2007 was 10.9 per cent, up from 9.9 per cent in December 2006. Annual house price inflation in London was 13.2 per cent in January 2007, up from 11.8 per cent in December 2006.
The UK annual house price inflation rate for the three months to January 2007 was 9.9 per cent and 11.6 per cent in London.
House price inflation (HPI) - Regional
The UK house price inflation rate rose from 9.9 per cent in December 2006 to 10.9 per cent in January 2007. Between December 2006 and January 2007 there was a rise of 2.1 per cent in the prices index of properties bought compared with a lower increase of 1.1 per cent over the same period last year resulting in an increase in the inflation rate.
The rise in UK prices between December and January can be attributed to rises in average prices for detached houses (4.9 per cent), terraced houses (2.0 per cent), bungalows (1.5 per cent) and flats (1.3 per cent). The price of semi-detached houses rose by less than 0.1 per cent.
In the home countries in January 2007, England, Scotland, Wales and Northern Ireland all saw increases in inflation. The inflation rate in England rose from 8.9 per cent in December 2006 to 9.9 per cent in January 2007; the inflation rate in Scotland rose from 15.2 per cent to 15.9 per cent; in Wales the rate rose from 9.1 per cent to 10.2 per cent; in Northern Ireland the rate rose from 39.9 per cent to 42.5 per cent.
House price inflation rose in six of the English regions. The exceptions were the South East, where it remained constant, and North East and West Midlands, where it fell. The highest inflation rate was in London (13.2 per cent) followed by the North West (11.1 per cent), Yorkshire and the Humber (10.7 per cent) and the South West (9.7 per cent). Inflation rates were lower in South East (8.7 per cent), East (8.3 per cent), and North East (8.2 per cent). The lowest inflation rates were in the East and West Midlands (both 7.6 per cent).
House prices - Regional
Mix-adjusted average house prices in January were £212,845 in England, £162,610 in Wales, £150,509 in Scotland and £198,476 in Northern Ireland.
The English region with the highest average house price in December remains London at £305,248. The lowest average price was in the North East at £145,091.
Only the East, London, South East and the South West had average prices above the UK average.
HPI - Type of buyer
The UK house price inflation rate for first-time buyers rose from 9.4 per cent in December to 10.6 per cent in January. There was a rise of 1.9 per cent in the prices index between December and January in the properties bought by first-time buyers compared with a rise of 0.8 per cent over the same period last year.
The inflation rate for former owner occupiers rose from 10.0 per cent in December to 11.0 per cent in January. There was a rise of 2.1 per cent in the prices index between December and January in the properties bought by former owner occupiers, compared with a rise of 1.2 per cent over the same period last year.
The average price paid by first-time buyers across the whole of the UK was £158,097 in January, while the average price paid by former owner occupiers was £225,415.
