According to the Department of Communities and Local Government (DCLG), the average house price in the UK in June 2007 was £214,222, up from £210,793 in May 2007, but in Northern Ireland annual house price inflation in June was 55.9%, compared with 53% in May.

Fionnuala Earley, Nationwide chief economist, said: “ The speed of house price growth in Northern Ireland remains astonishing and well above that of other UK regions although it looks like the market there may have peaked in the first quarter of the year. The Northern Ireland property market may be more risky compared with the rest of the UK.

The rise in UK prices between May and June can be attributed to increases in average prices for flats (2.4%), detached properties and bungalows (2.3%), semi-detached dwellings (1.1%) and terraced houses (1%).

UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007.

House price inflation rose in all nine of the English regions. The highest annual inflation rate was in London (17.5%) followed by the South East (10.7%), East and Yorkshire and the Humber (9.6%) and the South West (9.4%). Inflation rates were lower in the North West (9.1%), East Midlands (8.5%) and the North East (8.1%). The lowest inflation rate was in the West Midlands (7%).
Wales saw a decrease in inflation in June 2007 as annual house price inflation fell from 8.5% in May to 7.6% in June. In Scotland, the annual inflation rate did not change from May to June (15.6%). In Northern Ireland, annual house price inflation in June was 55.9% compared with 53% in May.