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Average house prices improve

Average house prices improve

Category: Mortgages

Updated: 09/06/2009
First Published: 09/06/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices in the UK crept up by just over one per cent in April, aided in part by an increase in the value of terraced properties.

Data from the Communities and Local Government's UK House Price Index shows the average price of a terraced house in the UK rose by two per cent in April compared to March.

Semi-detached properties increased in value by one per cent, flats by 0.9 per cent and detached houses by 0.7 per cent. These increases were negated slightly by the falling value of bungalows, which deteriorated by an average of 0.7 per cent.

As a result, the average cost of a property is now £189,215 – a 1.1 per cent improvement on March's figure of £187,193. Price declines over the last three months eased from 3.9 per cent in the previous quarter to three per cent.

However, prices have fallen by 13 per cent in the past year across the UK. Northern Ireland has been hit hardest with an annual decline of 22.8 per cent, English property has fallen by 13.2 per cent, while Welsh and Scottish homes have fallen in value by 10.3 per cent and 8.6 per cent respectively.

The average price paid by first time buyers for property across the UK was £135,416 in April. Many surveys have shown that the enthusiasm of first time buyers to get on the property market has increased significantly in recent months.

Former owner occupiers paid an average price of £222,344.

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