News London Continues Drive Growth House Prices

In the 12 months to June, UK house prices increased by 3.1%, up from a 2.9% increase in the 12 months to May 2013 – according to new figures released.

The latest ONS house price index shows that house price growth remains stable across most of the UK, although as expected, prices in London are increasing faster than the UK average.

The house price increases seen across England are being driven by London – which has seen prices rise by more than 8% – and the West Midlands, which has seen a rise of more than 3% in prices across the region.

“The credit crunch has absolutely shown how diverse our property markets are in the UK,” said Kate Faulkner – property market analyst & commentator.

“And with figures showing growth for places such as London and falls in places such as Blackpool,” she continues “average property price data is only any use to the government, economists and retailers.”

Excluding London and the South East, UK house prices increased by 1% in the 12 months to June 2013 – with prices paid by first-time buyers, coming out at almost 4% higher on average than in June 2012.

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