House prices 'officially fell' in November - ODPM

Buying a house in Britain cost less in November 2004 than in October, according to the latest statistics from the Office of the Deputy Prime Minister, as the average property value fell to 180,226 in November.

Data presented by the ODPM - which is usually approximately three months behind the market - suggests house prices fell rather than rose in November as the “mix-adjusted average house price” fell to £180,226 from £180,444 in October.

That said, the government department seems to suggests house prices may still be rising in certain parts of the UK as the national annual house price inflation rate rose from 12.6% to 13.8% in November.

Moreover, the average London house price must have still risen a fraction in November too, as annualised inflation grew to 7.1% in London, boosting the average house price value to around “262,825 in London compared with £130,244 in the North East.

House prices are also still much higher in England than the rest of the Great Britain, as the average English house price hit £192,713 compared with £139,544 in Wales, £116,543 in Scotland and £111,314 in Northern Ireland.

The highest rate of regional house price inflation was seen in the North East where prices have taken longer to grow than areas such as central London, but are now seeing the benefit of property price rises by around 26.2% to November 2004.

The North West is also still seeing the gains as its property inflation hit 21.1% while Yorkshire and the Humber reached annual regional inflation of 21.7%.

First-time buyers also made up 15% of the total market of buyers, compared with 12.5% in October, paying an average £144,226 for their first property while the average former owner occupier paid £199,734, according to the ODPM.

Office of Deputy Prime Minister statistics on the housing market are compiled through collaboration of figures compiled through mortgage providers, the Council of Mortgage Lenders and other monitors.