2.3% year-on-year rise in house prices: ONS

2.3% year-on-year rise in house prices: ONS

United Kingdom

In the 12 months to May 2012 UK house prices increased by 2.3% continuing the pattern seen since early 2010, according to latest data from the Office for National Statistics (ONS).

It reported that house prices remain relatively stable across most of the UK, though they continue to fall in Northern Ireland.

The year-on-year increase reflected growth of 2.6% in England and 3.5% in Wales, which was offset by declines in Scotland and Northern Ireland of 1.0 and 10.3% respectively.

Annual house price increases in England were driven by a 7.2% rise in London as well as increases in the South East and East Midlands of 3.4 and 2.3% respectively. The largest decreases in England were 1.6% in the North West and 1.2% in the West Midlands.

Meanwhile, on a seasonally adjusted basis, UK house prices remain unchanged between April and May 2012.

Prices of new dwellings rose by 6.2% during the 12 months to May 2012, while the price of pre-owned dwellings increased by 2.0% in the same period.

In May 2012 prices paid by first time buyers were 2.8% higher on average than in May 2011. For owner occupiers (existing owners) prices increased by 2.1% for the same period.