ONS: UK house prices up 2.7pc

Robyn Hall

May 21, 2013

The year on year increase reflected growth of 3.0% in England and 1.2% in Wales which were offset by declines of 1.7% in Scotland and 2.0% in Northern Ireland.

The Index also found that house price growth remained stable across most of the UK although prices in London are increasing and prices in Northern Ireland are falling.

Annual house price increases in England were driven by a 7.6% rise in London and a 3.3% increase in the South East.

Excluding London and the South East UK house prices increased by 0.6% in the 12 months to March 2013.

Karelia Scott-Daniels, managing director of Manse & Garret Property Search, said: “The property market, like the mortgage market, is gaining ever more momentum, with London and the South East the primary drivers of growth.

“The 7.6% annual price rise in the capital is predictably high but should not obscure the fact that many other areas of the UK are struggling.

“For properties that are priced correctly, there is no shortage of buyers. Properties that might have languished on the market a year or two ago, even if priced correctly, are now selling far more quickly.

“The increased availability and improved pricing within the mortgage market are clearly contributing to the rise in transaction levels.

“Prospective buyers and homeowners are more confident about the economy and this confidence will have grown following the news that inflation has fallen.”

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