DEPARTMENT OF COMMUNITIES AND LOCAL GOVERNMENT – HOUSE PRICE INDEX, FEBRUARY 2010

April 2010

Department of Communities and Local Government – House Price Index, February 2010

The latest UK house price index statistics, produced by the Department of Communities and Local Government, have been released this morning.

The latest statistics release includes data based on mortgage completions during the month of February 2010.

The key points from the release are:

• UK house prices were 7.4 per cent higher than in February 2009 and 0.1 per cent lower than in January 2010 (seasonally adjusted).
• The mix-adjusted average house price in the UK stood at £204,359 in February 2010 (not seasonally adjusted).
• UK house prices rose by 2.9 per cent in the quarter ending February 2010. This compares with a larger rise of 3.4 per cent for the quarter ending November 2009 (seasonally adjusted).
• Annual average house prices rose in England (7.9 per cent), Scotland (4.2 per cent) and Wales (4.7 per cent), but fell in Northern Ireland (-8.3 per cent).
• Annual average house prices paid by first time buyers in February 2010 were 9.3 per cent higher than a year ago. Average house prices paid by former owner occupiers were 6.6 per cent higher.
• Annual average house prices paid for new properties in February 2010 were 3.9 per cent lower than a year ago. Average house prices paid on pre-owned dwellings were 8.2 per cent higher.