Strong Increase In House Prices Across UK

House prices in the UK increased by 10.5% in the year to May 2014, from 9.9% to April. London showed the highest level of growth with a record house prices increase of 20.1%. The South East (9.6%) and the East (8.6%) also showed good increases. London and the South East excluded, house prices increased by 6.4% nationally.

First time buyers house prices increased by 11.3% over the year to May from 10.7% in April. The average price for a house in May for a first time buyer was £202,000. Former owner-occupier buyers prices increased by 10.1% to May 2014 from 9.5% in April. The average price paid by former owner-occupiers was £301,000.

Prices paid for new build homes during the year to May increased by an average of 6.9% and the average price for new dwellings in May was £246,000. Pre-owned dwellings prices increased by 10.7%, from 10.4% to April. The average price for a pre-owned dwelling in May was £263,000.

House Prices Higher Than August Last Year

House prices in the UK were 8.3% up on August last year and 0.7% up on last month according to the DCLG. The average price of a house in the UK in August was £213,116. Prices in creased in England, Wales and Scotland but fell in N.Ireland. First time buyers were paying 8.2% more than last year and former owners were paying 8.3% more. New property prices were 8.6% more and pre-owned property was 8.3% higher than August last year.

House Prices Up 10.1% On Last Year

The House Price Index (HPI) from the Department for Communities and Local Government (DCLG) for April 2010 went up by 10.1% between April 2009 and April 2010 and 0.4% on March. The average house price was £207,516 in April 2010 and the all dwellings index was 174.4.

Annual average house prices in England went up 10.9%, in Scotland 2.2% and in Wales 11.3% but N.Ireland house prices fell by 8.9%. First time buyers paid 12.2% more than a year ago. Average prices for former owner/occupiers were 9.3% higher. New properties were 7.6% more than last year and pre-owned houses were up 10.3%.

House prices rose in all regions of the UK except Yorkshire and Humber where prices fell 0.5%. East Midlands saw the biggest increase with a rise in prices of 2.7%. Over the year to April all regions have seen an increase in house prices. The largest increases were in London where there were price rises of 16.8%.

The average price for a house in England in April was £214,863, in Scotland £162,392, in Wales £151,079 and in N.Ireland £163,201. The English region with the highest average house price was London. The North East was the lowest with £139,595. The regions with an average house price above the national average were the East of England, London, the South East and the South West.