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House prices climb further

Mon, 13 Mar 2006
UK house prices are accelerating, according to figures from the Office of the Deputy Prime Minister (ODPM).

The ODPM data shows that in January the average price of a UK property was 4.3 per cent higher than last year. While this is a modest increase compared with the double-digit growth in prices seen in 2003 and 2004, it is an improvement on October and November's figures.

"The climb in annual house price inflation to 4.3 per cent in January, from 2.9 per cent in December and a nine-year low of 1.6 per cent in October reported by the ODPM adds to the consistent evidence that house prices have firmed in recent months amid stronger housing market activity and increased buyer interest," said Howard Archer, chief UK economist at the Global Insight consultancy.

"House prices may well move higher still in the near term, given the current strength of buyer interest and a reported shortage of property in some areas. Furthermore, annual house price inflation is likely to pushed up by base effects as house prices were particularly soft in the early months of 2005," Howard said.

The ODPM's survey, of 45,000 new mortgages, echoes recent studies by the Halifax and Nationwide, which have reported that prices are picking up.

The ODPM says prices have now risen by 3.1% in the past three months, pushing the average house price up to £188,191.

However, the survey found that trends in house prices were not uniform across the country.

In London, there was an annual house price gain of 5.3% in January; up from 3.8% in December.

England and Wales saw rises in annual inflation in January, while inflation fell in Scotland and Northern Ireland. The annual rate rose to 3.7% from 2.1% in England while in Wales the rate increased to 6.4% from 5.1%. Over the same period, the inflation rate in Scotland fell to 10.5% from 10.9% and in Northern Ireland the rate slipped to 12.5% from 12.9%.
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