* UK annual house price inflation in March 2004 was 7.8 per cent, down from 9.8 per cent in February.
* Annual house price inflation in London was 4.9 per cent in March 2004, down from 5.7 per cent in February.
HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate fell from 9.8 per cent in February to 7.8 per cent in March. This was mainly caused by a slight rise of 0.2 per cent in prices between February and March, compared with a much larger increase of 2.1 per cent over the same period last year.
Apart from Northern Ireland, the home countries saw a fall in annual inflation. The largest fall was in Scotland, down from 26.2 per cent in February to 22.3 per cent; the smallest in Wales, down from 21.7 per cent to 20.5 per cent. Annual inflation in Northern Ireland was 7.6 per cent, up from 6.5 per cent in February.
Annual inflation in England fell from 8.7 per cent in February to 6.7 per cent in March. Apart from the South West, which saw inflation increase from 4.4 per cent to 4.6 per cent, inflation fell across all the regions. The largest fall, in the West Midlands, was from 16.2 per cent to 10.2 per cent. However, house price inflation in the North East (26.2 per cent), the North West (19.1 per cent) and Yorkshire and the Humber (17.9 per cent), remain substantially higher than in the rest of England. The East had the lowest rate of inflation in March, at 0.5 per cent.
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in March were £173,056 in England, £116,953 in Wales, £101,628 in Scotland and £102,657 in Northern Ireland.
The English region with the highest average house price in March was London at £241,748. The lowest average price was in the North East at £110,910.
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 fell to 10.0 per cent in March from 12.0 per cent in February. This was due to a marginal fall in prices between February and March, compared with an increase of 1.7 per cent over the same period last year. The inflation rate for former owner occupiers fell from 8.7 per cent to 6.7 per cent in March. This was due to an increase of 0.3 per cent in prices from February to March, compared with an increase of 2.3 per cent over the same period last year.
The average house price in the UK for first time buyers stood at £125,271 in March, while the average price paid by former owner occupiers stood at £180,833.
