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ONS: UK house prices increase by 10.4 percent

From Property Talk Live on December 16, 2014

UK house prices increased by 10.4% in the year to October 2014, down from 12.1% in the year to September 2014 according to latest data from the ONS.

House price annual inflation was 10.8% in England, 5.7% in Wales, 4.9% in Scotland and 4.9% in Northern Ireland.

Annual house price increases in England were driven by an annual increase in London of 17.2% and to a lesser extent increases in the South East (11.9%) and the East (9.6%).

Excluding London and the South East, UK house prices increased by 6.7% in the 12 months to October 2014.

On a seasonally adjusted basis, average house prices increased by 0.1% between September and October 2014.

In October 2014, prices paid by first-time buyers were 12.0% higher on average than in October 2013. For owner-occupiers (existing owners), prices increased by 9.7% for the same period.

Peter Rollings, CEO of Marsh & Parsons, comments:  “Property price growth has quietened from the roar that was reverberating through the market earlier this year and with values notching up just 0.1% in the month to October 2014 they are on an even keel.  But price growth is still steadily banging the drum on an annual basis – with London leading the beat.  Buyers here are benefiting from greater choice of property available for sale, favourable lending conditions, and more pragmatic asking prices, keeping activity levels pulsing.

“While the capital had a running start at the housing recovery, the Chancellor’s stamp duty revisions may extend a helping hand to aspiring homeowners in other regions, by lowering some of the up-front hurdles of buying a property. Increasingly animated demand at the bottom of the market will enable more sellers to make their next move up the property ladder, and this boosted confidence will grease the wheels of growth into 2015.”

Source: Property Talk Live