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UK house prices increase by 10.4%


UK house prices increase by 10.4%

UK house prices increased by 10.4 per cent in the year to October 2014 according to the House Price Index’s latest figures.

The increase in England was not only driven by an annual increase in London of 17.2 per cent but also by increases in the South East and east of 11.9 per cent and 9.6 per cent, respectively, the survey showed.

Excluding London and the South East, UK prices rose by 6.7 per cent in the past 12 months showing that once again London’s leading the way in house price growth.

The increase is down from the 12.1 per cent rise in September but this is carrying on from the slight fall after the record levels achieved in August.

The statistics also show that the prices paid by first-time buyers were 12 per cent higher than on average that in the previous time last year, while existing owners saw their prices rise by 9.7 per cent since last year.

England continues to see the highest annual house price inflation with 10.8 per cent while Wales’ grew by 5.7 per cent, Scotland by 4.9 per cent which was also the figure in Northern Ireland.

The index is calculated using mortgage financed transactions that are collected via the Regulated Mortgage Survey by the Council of Mortgage Lenders.

These cover the majority of mortgage lenders in the UK. The HPI complements other measures of inflation published by ONS such as the Consumer Price Indices, the Producer Price Indices and the Services Producer Price Indices.





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