Slight annual house price rise to February

UK house prices increased by 0.3% in the 12 months to February 2012, the Office for National Statistics (ONS) has revealed.

The average UK mix-adjusted house price was £224,473 (not seasonally adjusted).

Seasonally adjusted UK house prices increased by 0.2% over the month.

In the 12 months to February 2012, average house prices increased in both England and Scotland by 0.4% and 1.1% respectively. These increases were offset by decreases in Wales, where average prices decreased by 0.5%, and Northern Ireland, where average prices fell by 9.7%.

The annual increase in average house prices in England was driven by increases in both London and the South East, where prices increased over the year by 1.7% and 1.2% respectively.

In February 2012, prices paid by first time buyers were 1.3% higher on average than in February 2011. For owner occupiers (existing owners) the prices remained unchanged.

Prices of new dwellings rose by 7.7% during the 12 months to February 2012, while the price of pre-owned dwellings decreased by 0.2% in the same period, the ONS said.