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Housing market inflation slides

13 October 2003
House price inflation fell from 14.6 per cent to 14 per cent in August this year, according to the latest figures from the Office of the Deputy Prime Minister.

The average house price in the UK in August 2003 stood at £159,010, up from £156,273 in July.

Annual house price inflation in London was 8.9 per cent in August 2003, down from 9.4 per cent in July, while annual house price inflation in north-east England reached 26.3 per cent.

Property in London remainedthe most expensive in the UK, with the price of an average home at around £245,378, compared to just £96,413 in Scotland.

An average home in England cost £169,2399, in Wales £108,394, and £105,835 in Northern Ireland, according to the ODPM data.

The Office of the Deputy Prime Minister opted to produce monthly housing market figures following calls from the Bank of England and the Treasury for an official monthly house price index. The figures quoted are based on the price achieved when transactions are completed, rather than prices agreed when mortgages are approved.

However, recent estimates from mortgage lenders placed house price growth at around 19 per cent a year.