Tuesday, June 10, 2008
Lagging house price index slow to catch up with reality
The latest UK house price index statistics produced by Communities and Local Government were released on Tuesday 10 June 2008. The UK average house price grew by 4.9 per cent in the year to April 2008, down from 5.2 per cent in the year to March 2008. Between March and April there was a rise of 0.7 per cent in the prices index of properties bought compared with a larger rise of 1.0 per cent over the same period last year, resulting in a decrease in the annual rate. The rise in UK prices between March and April 2008 can be attributed to increases in average prices for terraced houses (1.3 per cent), detached and semi-detached houses (0.8 per cent each) and bungalows (0.1 per cent). The rise is offset by a decrease in average prices for flats (0.3 per cent).