First-time buyers are likely to find it even tougher to get onto the property ladder at present as the latest house price inflation index from the Office of the Deputy Prime Minister suggests property prices have grown 12.2% in the last 12 months.
Wales still has the highest property price inflation, says the ODPM monthly report, as property inflation have climbed 27.5% in the last 12 months, compared with 13.8% in Northern Ireland, 11% in England, 25.3% in Scotland. All of these figures look substantially higher than last year, as property inflation in most areas dipped slightly between April and May 2003 compared with a 1.2% increase to 12.2% annually this year. According to ODPM statistics, the ‘mix-adjusted’ average house price in England increased to £182,515 in May, compared with £129,027 in Wales, £110,442 in Scotland an...
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