The UK house price inflation rate rose from 10.5 per cent in February 2005 to 12.6 per cent in March 2005. The rise of 2.1 per cent was a larger rise than the 0.2 per cent rise seen over the same period last year.
The rise in UK prices between February and March can be attributed to rises in prices in all dwelling types. Prices rose for detached houses by 3.5 per cent, flats by 2.9 per cent and other dwelling types by less than 2 per cent.
All the home countries saw a rise in annual inflation in March. The inflation rate in England rose from 9.8 per cent in February to 12.0 per cent in March. Over the same period, in Wales the rate rose from 18.1 per cent to 22.0 per cent; in Scotland the rate rose from 15.5 per cent to 16.1 per cent; and in Northern Ireland the rise was from 11.5 per cent to 15.8 per cent.
The rise in house price inflation for England in March, was matched by rises in all regions except Yorkshire and the Humber. The highest inflation rates were in the north in North East (19.4 per cent), North West (19.2 per cent) and Yorkshire and the Humber (16.9 per cent). Inflation rates in the East and West Midlands were both 14.9 per cent, with 11.2 per cent in the South West. Inflation was just below 10 per cent in the East and London and lowest in the South East, where inflation rose from 5.0 per cent in February to 8.1 per cent in March - due to a rise in prices between February and March this year compared with a fall in the same period last year.
Mix-adjusted average house prices in March were £193,190 in England, £142,923 in Wales, £118,927 in Scotland and £124,223 in Northern Ireland.
The English region with the highest average house price in March was London at £267,117. The lowest average price was in the North East at £131,070.
Only the East, London, South East and the South West had average prices above the UK average.
The UK house price inflation rate for first time buyers rose from 15.4 per cent in February to 18.3 per cent in March. This was due to a rise of 2.5 per cent in prices between February and March in the properties bought by first time buyers, compared with a fall of less than 0.1 per cent seen over the same period last year.
The inflation rate for former owner occupiers rose from 8.7 per cent in February to 10.5 per cent in March. This was due to a rise of 2.0 per cent in prices between February and March in the properties bought by former owner occupiers, compared with a smaller rise of 0.3 per cent over the same period last year.
The average price paid by first time buyers across the whole of the UK was £149,470 in March, while the average price paid by former owner occupiers was £198,681.
