House prices in the United Kingdom increased by 11.7 percent in the year ending July 2014, up from 10.2% in the year to June 2014.
The report from the Government’s National Statistics Office also reported that house price annual inflation was 12.0 percent in England, 7.4 percent in Wales, 7.6 percent in Scotland and 4.5 percent in Northern Ireland.
The survey found that house prices are increasing strongly across the U.K., with prices in London again showing the highest growth.
Annual house price increases in England were driven by an annual increase in London of 19.1 percent, and to a lesser extent increases in the South East (12.2 percent) and the East (10.6 percent).
Excluding London and the South East, UK house prices increased by 7.9 percent in the 12 months to July 2014, the survey found.
On a seasonally adjusted basis, average house prices increased by 1.6 percent between June and July 2014. In July 2014, prices paid by first-time buyers were 13.5 percent higher on average than in July 2013. For owner-occupiers (existing owners), prices increased by 10.9 percent for the same period.
Andrew Batt, International Group Editor of PropertyGuru Group wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
