In August UK house prices fell by 1.3% over the year and increased by 0.6% over the month, according to seasonally adjusted figures published today by the Department for Communities and Local Government (DCLG).
The average mix-adjusted UK house price was £208,476 (not seasonally adjusted).
Average house prices remain unchanged over the quarter to August, compared to a quarterly decrease of 0.2% over from the quarter to May (seasonally adjusted), while average prices decreased during the year in all UK countries England (-1.2%), Wales (-0.3%), Scotland (-1.5%) and Northern Ireland (-4.3%).
Prices paid by first time buyers were 1.8% lower on average than a year earlier and prices paid by former owner occupiers also decreased by 1.1%.
Prices for new properties were 9.2% higher on average than a year earlier whilst prices for pre-owned dwellings decreased by 2%, the DCLG added.
Nick Hopkinson, director of property company, PPR Estates, said: “The latest government analysis shows average house prices falling nationally over the last year by around 2%. This headline data is very misleading as it includes the millionaire enclaves in London where prices have boomed due to cash-rich foreign investors buying to protect their wealth.
