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Average house price is almost £189,000

Average house price is almost £189,000

Category: Mortgages

Updated: 14/07/2009
First Published: 14/07/2009

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The annual rate of decline in the UK housing market slowed again between May and April, with the average house price finishing the month at almost £189,000.

While the figures from the Communities and Local Government (CLG) still show a fall in property values, the speed at which prices are tumbling is certainly slowing.

Between April and May this year, house prices fell by just 0.1 per cent, taking the average asking price of a property to £188,991 (from £189,215 in April).

The small fall can be attributed to a decrease in average prices for detached houses (1.5 per cent) and semi-detached houses (1.0 per cent), although this is partly offset by rises in the average price of bungalows (0.2 per cent), terraced houses (1.0 per cent) and flats (1.6 per cent).

During the same period last month, prices fell by 0.8 per cent.

In the three months to May, UK house prices fell by 0.4 per cent, comparing favourably for the quarter ending in February when the decline was far steeper at 4.8 per cent.

In the last 12 months, the value of property has dropped most markedly in Northern Ireland, falling by 23.2 per cent, while houses have contracted in value by 12.8 per cent in England.

Wales and Scotland have experienced annual falls of 8.8 per cent and 6.9 per cent respectively, although there were actually monthly rises between April and May.

Chief economist of the Royal Institution of Chartered Surveyors, Simon Rubinsohn, said the figures were further evidence that house prices appeared to be stabilising.

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