House prices rose by 0.8% in September according to the latest official figures.
The Department for Communities and Local Government (DCLG) says house prices rose from £197,009 in August to £198,552 in September taking UK annual house price inflation to 8%, up from 7.4% a month earlier.
Meanwhile annual house price inflation in London was 9% in September 2006, up from 7.6% in August, according to the DCLG.
Average prices for all types of housing contributed to the rise in the annual rate of inflation. Terraced houses and flats both saw rises of 1.3%, bungalows 0.9%, detached houses 0.4% and semi detached houses 0.2%.
England, Scotland and Wales saw increases in inflation, while inflation fell in Northern Ireland. The inflation rate in England rose from 6.6% in August to 7.2% in September while in Scotland it rose from 12.7% to 12.9%. Wales saw a rise from 7% to 10.3% while in Northern Ireland the rate fell from 26.6% to 23.6%.
Moreover the rate of inflation on first time buyer properties rose from 6.8% in August to 7.7% in September. There was a rise of 0.3% in prices between August and September in the properties bought by first time buyers compared with a fall of 0.5% over the same period last year.
The average price paid by first time buyers across the whole of the UK was £152,633 in September, while the average price paid by former owner occupiers was £218,139.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
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