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CLG reports on house price inflation
17 April 2007 17:31
UK annual house price inflation rose to 12.1 per cent in February 2007, up from the 10.9 per cent recorded the month previously, according to new figures.
Statistics released by Communities and Local Government (CLG) revealed that over the three months leading up to February, the annual inflation rate for the UK was 11 per cent.
In London this figure was higher, at 13.9 per cent, with the figure for February recorded as 16.7 per cent in the capital, up from 13.2 per cent the month before.
Overall, between the first and second months of the year UK house prices fell by 0.1 per cent brought about slight decreases in average prices across the market.
The CLG report found that the average cost of a home in England is now £212,642, in Wales £162,152, in Scotland £149,882 and in Northern Ireland £209,643.
On average, first-time buyers in the UK paid £156,031 for a property during February.
Commenting on the figures, David Stubbs from the Royal Institution of Chartered Surveyors said that they indicate the market remains buoyant and that further interest rate rises could be necessary to balance the market over the course of the year.
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