House Prices Up 7.4%

UK house prices up 7.4% on February 2009 compared to 6.2% last year and 0.1% lower than January. The index (HPI) stood at 171.4. The mix-adjusted average house price in UK was £204,359 in February 2010 compared to £207,825 last year. UK house prices up 2.9% in the quarter ending February and 3.4% higher than last quarter. First time buyers annual average price in February 2010 was 9.3% higher than last year. Former owner occupiers annual average price was 6.6% higher than last year. Average annual house price for new houses was 3.9% higher. Average house price for pre-owned houses was 8.2% higher.

There was an increase in house prices in all countries of the UK except N.Ireland in the year to February. In England the increase was 7.9%, in Scotland 4.2% and in Wales 4.7%. In N.Ireland house prices fell by an average of 8.3% on February last year.

In the regions the mix-adjusted average fell in all regions except the North-East. The annual house price changes in England were lowest in the North-East at 3.5%, 3.9% in the West Midlans, 5.1% in Yorks and Humber and the East Midlands, 5.3% in the North-West, in the South-West it was 7.5%, 8.5% in the East, 10% in the South-East and highest in London at 10.6%. House prices in London averaged £321,289 and the North-East averaged £137,523. The average mix-adjusted house price for England was £211,299, Scotland £167,865, N.Ireland £167,832 and Wales £159,865. The South-West, East, South-East and London were above the UK national average of £204,359.

The average price paid by first time buyers was £149,490 and by former owner occupiers £238,185. Tne average price paid for pre-owned properties was £206,142 and new properties £181,783.