According to the Communities and Local Government, the average UK house price in July 2007 stood at £218,479, up from £214,222 in June 2007, with inflation set at 12.4 per cent, up 0.3 per cent.
The highest inflation rate in England was in London, at 19.1 per cent, followed by the South East at 11.9 per cent, and the South West at 11.3 per cent. Inflation rates were lower in the East, at 9.6 per cent, the North East at 8.5 per cent, and Yorkshire and the Humber at 8.4 per cent. The lowest inflation rates were reported in the North West, at 7.6 per cent and the West Midlands at 7.3 per cent.
Northern Ireland also saw a decrease in inflation from 55.9 per cent in June to 46.8 per cent in July, the CLG reported.
Mix-adjusted average house prices in July were £225,988 in England, £165,763 in Wales, £163,230 in Scotland and £242,391 in Northern Ireland. The region with the highest average house price in July remained London, at £344,221.
Peter Bolton King, chief executive at the National Association of Estate Agents, said: “It is clear to see that in the South, house prices are proving resilient to the increasing rate rises, while the Northern counties are feeling the tightening effect.
“We are concerned for first-time buyers, who are clearly feeling the impact of this inflation, which is preventing them from buying. We expect housing inflation to drop throughout the UK as the interest rate decision of August start to take effect.”
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