UK house price index statistics produced by the Department for Communities and Local Government also revealed seasonally adjusted house prices increased over the month (0.6 per cent) compared with the -0.5 per cent monthly decrease observed in October 2010.
The seasonally adjusted index was 5.6 per cent below the recent peak of April 2008 and 9.8 per cent above the recent trough of April 2009.
Country
During the year to October average house prices decreased in England (-0.2 per cent), Wales (-0.5 per cent), Scotland (-1.5 per cent) and Northern Ireland (-12.1 per cent).
Region
Average house prices decreased in seven of the nine English regions over the year to October 2011.
The largest decrease was in the North West (-4.6 per cent) while the smallest was in the South East (-0.4 per cent). London registered an annual house price increase of 3.9 per cent.
Countries and Regions
Average mix-adjusted house prices in October stood at £213,895 in England, £145,800 in Wales, £160,681 in Scotland and £136,606 in Northern Ireland.
London remains the English region with the highest average house price (£346,729) whilst the North East has the lowest average price at £130,891.
In England, southern regions including London and the South East all had average prices above the UK average in October.
Excluding London and the South East, the average UK price in October was £168,886, a decrease of 1.8 per cent over the year.
Type of Buyer
The average price for properties bought by first time buyers increased by 0.4 per cent to £152,828 over the year to October 2011, compared to an annual decrease of 0.7 per cent in September.
During October prices paid by first time buyers increased by 0.4 per cent on average, compared to a 0.7 per cent monthly decrease in October last year.
The average price of properties bought by former owner occupiers decreased by 0.7 per cent to £238,738 over the year to October 2011, compared to an annual decrease of 1.7 per cent in September.
During October prices paid by former owner occupiers increased by 0.6 per cent on average, compared to a 0.5 per cent decrease in October last year.
New and pre-owned dwellings
The average price for pre-owned dwellings decreased by 1.2 per cent to £206,372 over the year to October, compared to an annual decrease of 2.1 per cent in September.
During October 2011 prices paid for pre-owned dwellings increased by 0.5 per cent on average, compared to a 0.5 monthly decrease during the same period last year.
The average price paid for new properties increased by 12.1 per cent to £200,937 over the year to October, compared to an annual increase of 8.8 per cent in September.
During October 2011 prices paid for new properties decreased by 0.1 per cent on average, compared to a monthly decrease of 3.0 per cent in October last year.
Month on month price changes in new build properties tend to be more volatile, reflecting low transaction levels.
