UK property prices relatively static over last 12 months, data shows

The year on year increase reflected growth of 1.7% in England, which was offset by declines in Wales, Scotland and Northern Ireland of 1.1%, 0.3% and 8.1% respectively. Annual house price increases in England were driven by a 4.9% rise in London, and increases in the South East and South West of 2.1% 1.6% respectively. The largest decreases in England of 1.3% were recorded in both the North West and in Yorkshire and Humber. On a seasonally adjusted basis, UK house prices increased by 1.1% between March and April 2012. The data also shows that the prices of new dwellings rose by 5.1% during the 12 months to April 2012, while the price of pre-owned dwellings increased by 1.1% in the same period. In April 2012, prices paid by first time buyers were 1.5% higher on average than in April 2011. For owner occupiers (existing owners) prices increased by 1.4% for the same period. The stamp duty holiday for first time buyers, announced in the Budget 2010, which exempted those buying their first home from stamp duty up to £250,000, ended on 25 March 2012. In March 2012, 43% of houses were bought by first time buyers. This fell to 32% in April, which is back in line with the longer term average. The decrease in the proportion of first time buyers had a differential impact on average house prices in some regions, where they decreased in March and then increased in April 2012 Average mix-adjusted house prices in April 2012 stood at £237,000 in England, £151,000 in Wales, £129,000 in Northern Ireland and £178,000 in Scotland. In April 2012, London continued to be the English region with the highest average house price at £388,000. The North East had the lowest average house price at £145,000. London, the South East and the East of England all had prices higher than the UK average price of £229,000. Excluding London and the South East, the average UK mix adjusted house price was £184,000. During April 2012 the average price paid for a house by a first time buyer was £169,000 while the average price paid for a house by a former owner occupier was £264,000. The average UK house price for pre-owned dwellings in April 2012 was £229,000 and the average UK house price for new dwellings in April 2012 was £216,000.