Thu 8th Nov, 2007
House Prices Still Climbing
First time buyers paid £162,055 in May, 2007, while the average price paid by former homeowners who are moving up averaged £235,095.
UK house price inflation for first time buyers is unchanged, at 11.2 in May, 2007. The price holding from the increase of 1.3 per cent between April and for first time buyers .
The inflation rate for homeowners moving up fell from 11.3 per cent in April to 10.8 per cent, a 0.6 per cent increase, compared with an increase of 1.1 per cent over this period last year.
The adjusted average house price in May 2007 was £211,056, up from £209,454 in April 2007. UK annual house price inflation in May 2007 was 10.9 per cent, down from 11.3 per cent in April 2007.
The annual numbers in London were 14.5 per cent in May, up from 14.0 per cent in April.
England, Scotland, and Wales saw decreases in inflation in May 2007. The inflation rate in England fell from 10.0 per cent in April to 9.8 in May; the inflation rate in Scotland fell from 17.8 per cent to 15.5; in Wales the rate fell from 9.0 per cent to 8.9 per cent .
Adjusted average house prices in May were £218,225 in England, £163,852 in Wales, £157,974 in Scotland and £229,519 in Northern Ireland.
The English region with the highest average house price in May remains London at £324,084. The lowest average price was in the North East at £146,023.
This still forces first time homebuyers to take out home loans that are four or five times their annual income.