UK house prices grow nearly 12 per cent in a year – but in London it’s closer to 20 per cent

The average price of a UK house rose by 11.7 per cent in the year to August, with London still leading the way.

 

Figures published by the Office for National Statistics this morning showed that house price inflation was strongest in England, up 12.2 per cent, followed by Northern Ireland, where prices rose 9.6 per cent. 

 

Wales saw the weakest growth across the union, up 4.7 per cent, with prices in Scotland climbing 6.7 per cent. 

 

And it seems first-time buyers are the ones who are copping the extra price – prices paid by those starting on the housing ladder were 12.9 per cent higher than August 2013, while for owner-occupiers prices increased 11.2 per cent.

 

Despite suggestions that the market is cooling, London experienced the strongest rate by far, with the average house price increasing 19.6 per cent on the previous year. 

 

The south east and the east also showed strong growth, albeit to a lesser extent, up 12.3 per cent and 11.6 per cent respectively. 

 

If you were to exclude London and the south east, house price inflation stood at 7.8 per cent for the year to August 2014. 

 

There was only a marginal climb on a monthly basis, however. On a seasonal adjusted basis, prices increased 0.6 per cent between July and August.