The mix-adjusted average house price in the UK in June 2004 stood at £173,756, up from £170,719 in May (not seasonally adjusted).
UK annual house price inflation in June 2004 was 13.9 per cent, up from 12.2 per cent in May.
Annual house price inflation in London was 11.8 per cent in June 2004, down from 12.2 per cent in May.
HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate rose from 12.2 per cent in May to 13.9 per cent in June. This was due to a rise of 1.8 per cent in prices between May and June, compared with a rise of 0.2 per cent over the same period last year.
Whilst the change in the UK price over the past three months has been influenced by the stronger growth at the lower end of the price range (i.e. terraced houses and flats), the rise between May and June was more broadly-based, with flats rising by 1.3 per cent, detached properties by 1.5 per cent, semi-detached by 2.2 per cent and terraced houses by 2.3 per cent.
All the home countries, except England, saw a fall in annual inflation, although rates were still higher than in April. Inflation in England rose from 11.0 per cent in May to 13.1 per cent in June. Inflation in Wales and Scotland remains high at 26.1 per cent and 23.8 per cent in June, respectively. Annual inflation in Northern Ireland remains erratic with a fall from 13.8 per cent in May to 6.4 per cent this month.
Annual inflation in England rose from 11.0 per cent in May to 13.1 per cent in June. House price inflation rose across all the regions except for the North East and London. The highest rates remain in the North East (27.6 per cent), the North West (25.9 per cent) and Yorkshire and the Humber (26.0 per cent). Inflation rates in these regions remain substantially higher than in the rest of England, although rates in the East Midlands and West Midlands are above 15 per cent. Inflation in London fell from 12.2 per cent in May to 11.8 per cent in June - due to a smaller increase in prices between May and June this year compared with last year. The South East and East had the lowest rates of inflation in June, at 6.7 per cent.
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in June were £186,215 in England, £130,621 in Wales, £110,765 in Scotland and £106,166 in Northern Ireland.
The English region with the highest average house price in June was London at £262,096. The lowest average price was in the North East at £123,204.
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 20.8 per cent in June from 20.7 per cent in May. This was due to an increase of 1.1 per cent in prices between May and June, compared with an increase of 0.9 per cent over the same period last year. The inflation rate for former owner occupiers rose to 11.0 per cent in June from 8.7 per cent in May. This was due to a rise of 2.0 per cent in prices from May to June, compared with no change over the same period last year.
The average house price in the UK for first time buyers stood at £139,730 in June, while the average price paid by former owner occupiers stood at £192,193.
The rise in the average price paid by first time buyers has to be seen in the context of fewer first time buyers entering the market.
