* UK annual house price inflation in April 2004 was 10.0 per cent, up from 7.8 per cent in March.
* Annual house price inflation in London was 7.9 per cent in April 2004, up from 4.9 per cent in March.
HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate rose from 7.8 per cent in March to 10.0 per cent in April. This was due to a rise of 4.5 per cent in prices between March and April, compared with an increase of 2.4 per cent over the same period last year.
The market over the past year in most regions has been characterised by stronger price growth at the lower end of the price range (i.e. terraced houses and flats). The sharp rise in prices between March and April sees a continuation of this trend, with the average UK price for a flat rising by 7.2 per cent month-on-month and by 5.2 per cent for a terraced house. By comparison, the rise in detached houses was only 3.1 per cent month-on-month.
Of the home countries, both England and Wales saw a rise in annual inflation, with inflation in Wales at 23.1 per cent in April. Annual inflation in Scotland and Northern Ireland fell - inflation in Scotland was 20.7 per cent in April and 5.5 per cent in Northern Ireland - but this was because of stronger monthly growth between March and April last year than this year.
Annual inflation in England rose from 6.7 per cent in March to 9.2 per cent in April. Apart from the North East, which saw inflation decrease from 26.2 per cent to 22.7 per cent, inflation rose across all the regions. House price inflation in the North East (22.7 per cent), the North West (21.2 per cent) and Yorkshire and the Humber (20.1 per cent), remain substantially higher than in the rest of England. The South East had the lowest rate of inflation in April, at 3.6 per cent.
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in April were £180,840 in England, £123,685 in Wales, £106,242 in Scotland and £106,601 in Northern Ireland.
The English region with the highest average house price in April was London at £255,131. The lowest average price was in the North East at £115,680.
Only the East, London, South East and the South West had average prices above the UK average.
HOUSE PRICE INFLATION: TYPE OF BUYER
The UK house price inflation rate for first time buyers rose to 18.3 per cent in April from 10.0 per cent in March. This was due to an increase of 8.2 per cent in prices between March and April, compared with an increase of 0.6 per cent over the same period last year. The inflation rate for former owner occupiers fell marginally from 6.7 per cent to 6.6 per cent in April. This was due to a rise of 3.16 per cent in prices from March to April, compared with an increase of 3.15 per cent over the same period last year.
The average house price in the UK for first time buyers stood at £135,505 in April, while the average price paid by former owner occupiers stood at £186,533.
The rise in the average price paid by first time buyers has to be seen in the context of a declining number of first time buyers entering the market.
