HOUSE PRICES UP BY 1.2% IN MARCH

The latest UK house price index statistics produced by the Department for Communities and Local Government were released on Tuesday 17 May 2011.
The latest statistics release includes data based on mortgage completions during the month of March 2011.
The key points from the release are:
• In March UK house prices increased by 0.9 per cent over the year and increased by 1.2 per cent over the month (seasonally adjusted).
• The average mix-adjusted UK house price was £205,565 (not seasonally adjusted).
• Average house prices were 0.5 per cent lower over the quarter to March, compared to a quarterly decrease of 0.4 per cent over the quarter to December (seasonally adjusted).
• Average prices increased during the year in England (1.3 per cent) but decreased in Scotland (-0.7 per cent), Wales (-2.5 per cent) and Northern Ireland (-13.9 per cent).
• Prices paid by first time buyers were 0.3 per cent lower on average than a year earlier and prices paid by former owner occupiers increased by 1.4 per cent.
• Prices for new properties were 10.7 per cent higher on average than a year earlier whilst prices for pre-owned dwellings increased by 0.2 per cent.