10 Dec

Annual house prices up 11.3%, CLG says

Annual house prices up 11.3%, CLG says

Annual house price growth in the UK was up to 11.3 per cent during October, new figures reveal.

The figures represent an increase of 0.5 per cent from September's figure of 10.8 per cent, according to data from the Department for Communities and Local Government (CLG).

The increase took the average house price across the UK to £220,195, up from £220,11 during September 2007.

CLG's findings would seem to contradict other reports which have detected signs of a slowdown in the market.

However, according to Howard Archer, of market analysts Global Insight, this is because the data relates to the October market, rather than November when the downturn begun.

He said: "The CLG data do not significantly undermine belief housing market activity and prices are now cooling markedly in the face of tighter lending practices and stretched affordability pressures.

"Crucially, the CLG tends to provide lagging evidence on house prices, as the office calculates its index at the time when mortgages are completed."
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