Average home now above £200,000

12 April 2012

House price inflation picked up in December, helping to push the average cost of a UK house above the £200,000 mark, official statistics showed.

Government figures showed that the typical price of a home during the month was up 9.9% on an annual basis, up from 8.8% in November.

The quickening pace of inflation nudged the average house price in December up to £201,090, up from £199,238 in the previous month.

Annual increases picked up in England, Ireland and Scotland towards the end of the year, but Wales saw the rate of change fall.

Northern Ireland continued to outperform the other home countries, with year-on-year increases of nearly 40% recorded.

In England, London saw the highest rate of change, with average property prices up 11.8%.

The lowest inflation rate among the English regions was in the East Midlands, with a year-on-year increase of 6.1% in December.

Average house prices during the month stood at £208,525 in England, £160,060 in Wales, £147,687 in Scotland and £191,505 in Northern Ireland, figures showed.

Howard Archer, chief UK and European economist at Global Insight, said the Department for Communities and Local Government's figures show lagging evidence on house prices.

More up-to-date figures hint that house prices may be coming off the boil, he added.

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