House prices across the whole of the UK have risen to a record level, according to the latest data released by Office for National Statistics. This means the average price of a house or flat in the UK is now £247,000.
In the 12 months to August 2013, the ONS reports, UK house prices increased by 3.8%, up from a 3.3% increase in the 12 months to July 2013. House price growth remains stable across most of the UK, although prices in London are increasing faster than the UK average. The year-on-year increase reflected growth of 4.1% in England, 1.1% in Northern Ireland and 1.0% in Wales, although this was offset by a fall of 0.7% in Scotland.
In August 2013, the UK HPI surpassed its previous peak in January 2008 (185.5) by 0.3%.
Annual house price increases in England were driven by London (8.7%), the East Midlands (3.8%) and the West Midlands (3.5%) – excluding London and the South East, UK house prices increased by 2.1% in the 12 months to August 2013.
On a seasonally adjusted basis, UK house prices increased by 0.5% between July and August 2013.
In August 2013, prices paid by first-time buyers were 4.9% higher on average than in August 2012. For owner-occupiers (existing owners), prices increased by 3.3% for the same period.
However, the news may add to concerns that the UK is in danger of a house price “bubble”.
For free independent mortgage advice contact Integrity IFA Ltd now 01316530588 our visit or website www.integrityifa.com to use our free mortgage source and calculator.