House Price Index, April 2012
19 Jun 2012 11:56 AM
In the 12 months to April 2012 there was relatively little growth in house prices in the UK, with the index increasing by 1.4 per cent over the period
The year on year increase reflected growth of 1.7 per cent in England, which was offset by declines in Wales, Scotland and Northern Ireland of 1.1 per cent, 0.3 per cent and 8.1 per cent respectively
Annual house price increases in England were driven by a 4.9 per cent rise in London, and increases in the South East and South West of 2.1 and 1.6 per cent respectively. The largest decreases in England, of 1.3 per cent, were recorded in both the North West and in Yorkshire and Humber
On a seasonally adjusted basis, UK house prices increased by 1.1 per cent between March and April 2012
Prices of new dwellings rose by 5.1 per cent during the 12 months to April 2012, while the price of pre-owned dwellings increased by 1.1 per cent in the same period
In April 2012, prices paid by first time buyers were 1.5 per cent higher on average than in April 2011. For owner occupiers (existing owners) prices increased by 1.4 per cent 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 per cent of houses were bought by first time buyers. This fell to 32 per cent 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