UK house prices rise 2.3% over 12 months


In the 12 months to June 2012 UK house prices increased by 2.3 per cent, unchanged from the 12 months to May. House prices continue to remain relatively stable across most of the UK.

The year-on-year increase reflected growth of 2.8 per cent in England, which was offset by declines in Scotland and Northern Ireland of 1.0 and 11.9 per cent respectively. House prices remained unchanged in Wales.

Annual house price increases in England were driven by a 6.5 per cent rise in London, and increases in the South West and South East of 2.3 and 2.2 per cent respectively. The only decrease in England was of 1.3 per cent in the North East.

On a seasonally adjusted basis, UK house prices increased by 0.5 per cent between May and June according to the Office for National Statistics (ONS).

Prices of new dwellings rose by 5.9 per cent during the 12 months to June 2012, while the price of pre-owned dwellings increased by 2.1 per cent in the same period.

In June 2012, prices paid by first time buyers were 3.1 per cent higher on average than in June 2011. For owner occupiers (existing owners) prices increased by 2.1 per cent for the same period.


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