The Office of the Deputy Prime Minister’s (ODPM) House Price Index for March 2005 has announced UK house price inflation rose 2.1 per cent to 12.6 per cent from 10.5 per cent in February.
Annual house price inflation in London was 9.8 per cent in March, up from 7.1 per cent in February.
The mix-adjusted average UK house price stood at £183,346, up from £179,491 in February. According to the ODPM the rise in prices between February and March can be attributed to rises 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.
However, the Halifax House Price Index for April showed a decline in the annual rate of house price inflation to 7.8 per cent, its lowest since June 2001.
Martin Ellis, chief economist at the Halifax, said: “House prices were unchanged in April and overall there has been no movement in prices at the national level since January.
“The latest indicators provide further evidence that activity levels are stabilising following a sharp downturn in the second half of last year. As a result we appear to be entering a period of broad stability, particularly in terms of market activity.
“Sound fundamentals, particularly in the shape of the ongoing strength of the labour market and the low level of interest rates should continue to underpin the market.”
Land Registry data from the first quarter of 2005 has shown the market slowing across the country with annual house price inflation falling to 10.2 per cent down from 11.8 per cent in quarter four 2004.
