The latest ONS House Price Index, released today, shows that in the 12 months to October, house prices increased by 5.5% – up from a 3.8% increase in the 12 months to September.
The year-on-year increase reflected growth of 5.7% in England, 2.0% in Wales, 3.3% in Scotland and 4.8% in Northern Ireland. House price growth is beginning to increase across parts of the UK, with prices in London continuing to increase faster than the UK average..
Annual house price increases in England were driven by rises in London (12.0%), the East of England (4.8%) and the West Midlands (4.7%) – excluding London and the South East, UK house prices increased by 3.1% in the 12 months to October 2013.
On a seasonally adjusted basis, average house prices increased by 1.4% between September and October 2013.
In October 2013, prices paid by first-time buyers were 5.9% higher on average than in October 2012. For owner-occupiers (existing owners), prices increased by 5.3% for the same period
