On a quarterly basis average house prices increased by 0.6% to the end of October, compared to a decrease of 0.6% over the quarter to July.
During the year average prices decreased throughout the UK countries In England prices were down 0.2%, in Wales they were down 0.5%, in Scotland they were down 1.5% and Northern Ireland saw the steepest fall of 12.1%.
Prices paid by first time buyers were 0.4% higher on average than a year earlier whilst prices paid by former owner occupiers decreased by 0.7%. 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 index also shows that prices for new properties were 12.1% higher on average than a year earlier whilst prices for pre-owned dwellings decreased by 1.2%. During October 2011 prices paid for new properties decreased by 0.1% on average, compared to a monthly decrease of 3% in October last year. Month on month price changes in new build properties tend to be more volatile, reflecting low transaction levels.
The average mix-adjusted UK house price was £205,974. In England the average prices was £213,895, it was £145,800 in Wales, £160,681 in Scotland and £136,606 in Northern Ireland.
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, down 4.6%, while the smallest was in the South East, down 0.4%. London registered an annual house price increase of 3.9%.
London remains the English region with the highest average house price at £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% over the year.
The average price of properties bought by former owner occupiers decreased by 0.7% to £238,738 over the year to October 2011, compared to an annual decrease of 1.7% in September.
During October prices paid by former owner occupiers increased by 0.6% on average, compared to a 0.5% decrease in October last year.
The average price for pre-owned dwellings decreased by 1.2% to £206,372 over the year to October, compared to an annual decrease of 2.1% in September. During October 2011 prices paid for pre-owned dwellings increased by 0.5% on average, compared to a 0.5% monthly decrease during the same period last year.
