Seasonally adjusted house prices were marginally lower over the month (-0.1 per cent) compared to a 1.3 per cent monthly increase a year earlier. The seasonally adjusted index (a better indicator of house prices trends over time) was 5.1 per cent below the recent peak of April 2008 and 10.5 per cent above the recent trough of April 2009.
House Price Index: Country
During the year to November average house prices increased in England (4.7 per cent) and in Wales (3.0 per cent) but were lower in Northern Ireland (-11.3 per cent) and in Scotland (-2.4 per cent).
House Price Index: Region
Average house prices increased in six of the nine English regions over the year to November 2010. The largest increase was in London (8.7 per cent) and the smallest in the East Midlands (1.1 per cent). The North East saw the largest annual fall (-2.5 per cent).
Over the month to November six regions saw average price falls, ranging from -0.4 per cent in the South East to - 2.0 per cent in the East Midlands. Only the East of England (0.9 per cent), London (0.9 per cent) and the South West (0.5 per cent) saw an increase over the month (not seasonally adjusted).
House Price Index: Countries and Regions
Average mix-adjusted house prices in November stood at £216,065 in England, £157,336 in Northern Ireland, £164,098 in Scotland and £150,374 in Wales. London remains the English region with the highest average house price (£340,013). The North East has the lowest average price at £134,293.
In England, the East of England, London, the South East and South West all had average prices above the UK average in November. Excluding London and the South East, the average UK price in November was £173,203, an increase of 1.9 per cent over the year.
House Price Index: Type of Buyer
The average price for properties bought by first time buyers increased by 2.4 per cent to £152,659 over the year to November 2010, compared to an annual increase of 3.4 per cent in October. During November prices paid by first time buyers increased by 0.7 per cent on average, compared to a 1.7 per cent monthly increase in November last year.
The average price of properties bought by former owner occupiers increased by 4.6 per cent to £243,062 over the year to November 2010, compared to an annual increase of 6.3 per cent in October. During November prices paid by former owner occupiers fell by 0.5 per cent on average, compared to a monthly increase of 1.1 per cent in November last year.
House Price Index: New and pre-owned dwellings
The average price for pre-owned dwellings increased by 3.7 per cent to £209,825 over the year to November compared, to an annual increase of 5.6 per cent in October. During November 2010 prices paid for pre-owned dwellings were 0.4 per cent lower than the previous month, compared to a 1.4 per cent monthly increase during the same period last year.
The average price paid for new properties increased by 8.9 per cent to £192,877 over the year to November, compared to an annual increase of 4.4 per cent in October. During November 2010 prices paid for new properties increased by 3.7 per cent on average, compared to a monthly fall of 0.7 per cent in November last year.
Month on month price changes in new build properties tend to be more volatile, reflecting low transaction levels.
