January House Price Index from the Office of National Statistics

The Office of National Statistics released the January House Price Index this morning, revealing some very interesting key findings.

The Office of National Statistics released the January House Price Index this morning, revealing some very interesting key findings:

  • In the 12 months to November 2013 UK house prices increased by 5.4%, down from a 5.5% increase in the 12 months to October 2013
  • The year-on-year increase reflected growth of 5.6% in England, 5.4% in Wales, 2.5% in Scotland and 3.3% in Northern Ireland.
  • House price growth is beginning to increase strongly across parts of the UK, with prices in London increasing at more than double the UK average.
  • Annual house price increases in England were driven by rises in London (11.6%), the South-East (4.5%) and the West Midlands (4.4%).
  • Excluding London and the South East, UK house prices increased by 3.1% in the 12 months to November 2013.
  • In November 2013, prices paid by first-time buyers were 6.4% higher on average than in November 2012. For owner-occupiers (existing owners), prices increased by 5.1% for the same period.
  • The average UK mix-adjusted house price in November 2013 was £248,000.

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