House Price Index MAY 2014

Interesting Office for National Statistics again.

UK house prices increased by 10.5% in the year to May 2014, up from 9.9% in the year to April 2014.

House price annual inflation was 11.0% in England, 6.5% in Wales, 3.6% in Scotland and -0.7% in Northern Ireland.

House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.

Annual house price increases in England were driven by a record annual increase in London of 20.1% and to a lesser extent increases in the South East (9.6%) and the East (8.6%).

Excluding London and the South East, UK house prices increased by 6.4% in the 12 months to May 2014.

On a seasonally adjusted basis, average house prices increased by 0.8% between April and May 2014.

In May 2014, prices paid by first-time buyers were 11.3% higher on average than in May 2013. For owner-occupiers (existing owners), prices increased by 10.1% for the same period.