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.