UK property price inflation eases

The annual rate of inflation in the UK property market has slowed down from 5.6 per cent in May 2006 to 5.2 per cent in June, the government has announced.

In London, the reduction was more pronounced, from seven per cent in May to 5.8 per cent in June, while the annual inflation rate for the quarter up to the sixth month of the year was 5.3 per cent in the UK and 6.5 per cent in the capital.

The mix-adjusted average house price in the UK in June stood at £190,883, an increase from £190,065 in May, indicating that people interested in selling a property are still gaining value on their homes.

According to the government, the increase in UK property prices between May and June can be put down to rises in different house types.

Semi-detached properties saw a 0.9 per cent increase in price, while terraced properties moved up in value by 0.7 per cent.

Regionally, average house prices stood at £198,952 in England, £155,041 in Wales, £149,784 in Northern Ireland and £138,672 in Scotland.

London was the English region to show the highest average value of £279,763, while the lowest typical price of £138,998 was seen in the north-east.

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