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| Average house price hits £200,000 | Average house price hits £200,000 |
| (30 minutes later) | |
| The average house price in the UK has now passed £200,000, says the Department for Communities & Local Government (DCLG). | The average house price in the UK has now passed £200,000, says the Department for Communities & Local Government (DCLG). |
| The government's official house price index, published by the DCLG, says prices were rising at 9.9% a year in December, up from 8.8% in November. | The government's official house price index, published by the DCLG, says prices were rising at 9.9% a year in December, up from 8.8% in November. |
| That pushed the average UK house price up to £201,090. | That pushed the average UK house price up to £201,090. |
| The DCLG inflation rate is similar to other surveys, but the Halifax and the Nationwide say actual prices are lower. | The DCLG inflation rate is similar to other surveys, but the Halifax and the Nationwide say actual prices are lower. |
| It is not the first time that the average house price has been put at more than £200,000 by a survey. | It is not the first time that the average house price has been put at more than £200,000 by a survey. |
| Last November the Land Registry quarterly report for July to September said prices during the summer had broken through the £200,000 level to stand at £211,453. | Last November the Land Registry quarterly report for July to September said prices during the summer had broken through the £200,000 level to stand at £211,453. |
| For their part, the Halifax and the Nationwide say average prices, based on samples of their own mortgage lending, stand at £188,623 and £173,325 respectively. | For their part, the Halifax and the Nationwide say average prices, based on samples of their own mortgage lending, stand at £188,623 and £173,325 respectively. |
| "The DCLG data tend to provide lagging evidence on house prices, as the office calculates its index at the time when mortgages are completed," said Howard Archer of Global Insight. | |
| No slowdown yet? | |
| Despite reporting different price levels, due to different sampling techniques, there is no doubt that the surveys are all showing the same thing - that house prices have been accelerating across the country. | Despite reporting different price levels, due to different sampling techniques, there is no doubt that the surveys are all showing the same thing - that house prices have been accelerating across the country. |
| UK 2006 HOUSE PRICE INFLATION UK 9.9%England 8.9%Wales 9.1%Scotland 15.2%N.Ireland 39.9%North East 8.4%North West 7.4%Yorks & Humberside 9.9%East Midlands 6.1%West Midlands 7.8%East 8.1%London 11.8%South East 8.7%South West 7.7% Source: DCLG | |
| So far there has been little impact on house prices of the recent increases in interest rates announced by the Bank of England in an attempt to keep the lid on inflation. | So far there has been little impact on house prices of the recent increases in interest rates announced by the Bank of England in an attempt to keep the lid on inflation. |
| "There are tentative signs in the latest mortgage data and survey evidence that housing market activity has peaked, and it could be that the cumulative 75 basis points increase in interest rates enacted so far since last August is just starting to weigh down on the housing market," said Mr Archer. | |
| Across the country the rapidity with which prices have been rising varies tremendously. | |
| In Northern Ireland they are now 39.9% higher than a year ago, whereas in the East Midlands they have risen in that time by just 6.1%. | |
| Most areas saw house prices rise faster in December, with the exceptions of Wales (down from 10.2% to 9.1%), the North West (8.4% to 7.4%) and the South West (7.8% to 7.7%). | |
| House prices are still highest in London, averaging £296,160 while the lowest average prices are to be found in the North East at £146,183. |