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14 May 2007

DCLG says property prices up 1.1%

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by Brian Turner

The Department for Communities and Local Government (DCLG) has announced that house prices rose 1.1% between February and March of this year.

According to the government’s figures, the average house price in the UK is now £206,890 – up from £204,556 in February.

While the figures are generally in line with reporting by estate agencies and lenders, the figures are unevenly distributed across the UK.

For example, Northern Ireland has seen it’s annual rate of property inflation rise to 50.1%, resulting in an average house price of £217,579. A number of factors currently bouy the property market in Northern Ireland, not least the so-called “peace dividend”, as well as extensive speculation by property investors from the Republic of Ireland.

Meanwhile, according to the DCLG, average house prices in March were £214,424 in England, £161,191 in Wales, and £151,468 in Scotland.

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