* UK annual house price inflation in May 2004 was 12.2 per cent, up from 10.0 per cent in April.
* Annual house price inflation in London was also 12.2 per cent in May 2004, up from 7.9 per cent in April.
HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate rose from 10.0 per cent in April to 12.2 per cent in May. This was due to a rise of 1.2 per cent in prices between April and May, compared with a fall of 0.7 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 continued rise in prices between April and May sees a continuation of this trend, with the average UK price for a flat rising by 3.5 per cent month-on-month and by 1.8 per cent for a terraced house. By comparison, prices for detached houses were 0.4 per cent lower in May than in April.
All the home countries saw a rise in annual inflation, with inflation in Wales highest at 27.5 per cent in May. Annual inflation in Northern Ireland rose to 13.8 per cent in May compared with 5.5 per cent last month. This was due to strong growth between April and May this year compared with a fall last year. Annual inflation in England was 11.0 per cent and in Scotland it was 25.3 per cent.
Annual inflation in England rose from 9.2 per cent in April to 11.0 per cent in May. House price inflation rose across all the regions with the highest rates in the North East (28.3 per cent), the North West (22.5 per cent) and Yorkshire and the Humber (22.4 per cent). Inflation rates in these regions remain substantially higher than in the rest of England. Inflation in London continued to increase, up to 12.2 per cent in May - due to an increase in prices between April and May compared with a fall in the same period last year. The South East had the lowest rate of inflation in May, at 3.8 per cent.
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in May were £182,515 in England, £129,027 in Wales, £110,442 in Scotland and £109,737 in Northern Ireland.
The English region with the highest average house price in May was London at £258,828. The lowest average price was in the North East at £118,663.
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 20.7 per cent in May from 18.3 per cent in April. This was due to an increase of 2.0 per cent in prices between April and May, compared with no change over the same period last year. The inflation rate for former owner occupiers rose to 8.7 per cent in May from 6.6 per cent in April. This was due to a rise of 1.0 per cent in prices from April to May, compared with a decrease of 1.0 per cent over the same period last year.
The average house price in the UK for first time buyers stood at £138,273 in May, while the average price paid by former owner occupiers stood at £188,301.
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.
