House prices in the UK have risen an average of 9.1% in the year to February 2014, according to the latest House Price Index from the Office for National Statistics. This is up from the 6.8% increase that took place in the year to January 2014.
Most areas of the UK are seeing at least some level of price increase, but unsurprisingly it is London that continues to be the area of highest house price growth.
Over the year to February 2014, London saw a 17.7% rise in house prices, which is apparently the largest annual increase for the area since July 2007, when prices increased by 18.8%. After London, the areas with the biggest price rises are the South East, which saw an increase of 8.0%, and the East of England, where prices rose by 7.7%.
If London and the South East are taken out of the equation, the average house price rise across the UK falls to just 5.8% over the year.
As well as seeing the biggest price increases, London also continues to be the English location with highest average house price, which now sits at £458,000. The lowest average prices are apparently to be found in the North East of England, where the average house costs £146,000.
The increase in property prices is to be seen at all stages of the housing market. First-time buyers are now spending £192,000 on average on their first home, which is an increase of 10.5% over the year to February 2014. Existing owners are now buying houses with an average price of £292,000, which is an increase of 8.6% over the same period.
Contains public sector information licensed under the Open Government Licence v2.0.
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