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Government launches house price survey

15 September 2003
The Government has released a survey of house prices which aims to add more clarity to the market.

The figures from the Office of the Deputy Prime Minister show that average house prices across the UK rose by 14.6 per cent in July compared to 13.4 per cent in June.

The mix-adjusted average house price in the UK in July 2003 stood at £156,273, up from £153,605 in June, and up from £138,042 one year ago.

The Government's survey differs from those published by Halifax or Nationwide as it measures the actual price paid for the property rather that the price that was initially agreed to (the approval price).

According to the survey, the housing market is showing signs of a recovery with price increases and first time buyers returning to the market. In May of this year the annual house price inflation fell from 17.8 per cent to 13.4 per cent in June, but the rate recovered to14.6 per cent for the year to July.

The survey revealed that the UK house price inflation rate for first time buyers rose sharply to 11.3 per cent in July from 5.4 per cent in the previous month; whereas the inflation rate for former owner-occupiers fell slightly from 17.7 per cent in June to 16.4 per cent in July.

However, the Government's figures were contradicted by those of property website, Rightmove, which found that house prices fell at their fastest rate for 18 months. Rightmove recorded an annual house price inflation of 9.1 per cent falling from 12.4 per cent in the previous month.

Surveys by Halifax and Nationwide survey also revealed slight rises in house prices. Both of their most recent surveys revealed growth of just over 1 per cent in August.