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Latest ONS figures show house prices in London rose by 19.6% in the 12 months to August

Latest ONS figures show house prices in London rose by 19.6% in the 12 months to August

Published: 16/10/2014    Last Updated: 17/01/2017 10:09:45   

UK house prices grew at the same rate in August as in July, thanks to continued strong demand in London. July’s figure was the biggest increase for seven years.

The Office for National Statistics (ONS) on Tuesday reported that prices in the capital rose 19.6 per cent in the 12 months to August.




ONS Key Findings


• UK house prices increased by 11.7% in the year to August 2014, unchanged from the year to July 2014.


• House price annual inflation was 12.2% in England, 4.7% in Wales, 6.7% in Scotland and 9.6% in Northern Ireland.


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


• Annual house price increases in England were driven by an annual increase in London of 19.6% and to a lesser extent increases in the South East (12.3%) and the East (11.6%).


• Excluding London and the South East, UK house prices increased by 7.8% in the 12 months to August 2014.


• On a seasonally adjusted basis, average house prices increased by 0.6% between July and August 2014.


• In August 2014, prices paid by first-time buyers were 12.9% higher on average than in August 2013. For owner-occupiers (existing owners), prices increased by 11.2% for the same period.