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UK property market outlook mixed, index shows

20th June 2012 | back to article listings BACK    print this article PRINT

Sharp differences between regional price changes in the UK property market have been highlighted by the Office for National Statistics (ONS).

Overall property prices went up 1.4% but there was a dramatic contrast between the biggest average increase of nearly 5% in London and the biggest decline in Northern Ireland of 8.1% in the last financial year.

The new data from the ONS's house price index, compiled monthly, showed slight gains in the South East and South West but decreases of 1.3% in Yorkshire and Humber, and the North West - the biggest declines in England.

The north-south divide in England was accompanied by decreases in both Scotland and Wales, down 0.3% and 1.1% respectively.

The average price of a home in England was 237,000 in April, compared to 178,000 in Scotland, 151,000 in Wales and 129,000 in Northern Ireland.

The cheapest houses in England sell in the North East for 145,000 while a house in the capital costs 388,000 on average.

After a drop the previous month, seasonally adjusted UK property prices rose 1.1% between March and April.

New dwellings increased 5.1% for the year, while pre-owned homes were up 1.1%.

Copyright Press Association 2012

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