UK average house prices increased by 11.7% over the year to August 2014, unchanged from an increase of 11.7% in the year to July 2014. This follows the moderate house price increases the UK has experienced since April 2012 (Figure 1) and is driven in large part by increases in London. The average UK house price in August 2014 was £274,000.

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Key Findings

  • UK house prices increased by 11.7% in the year to August 2014, unchanged from the year to July 2014.
  • House price annual inflation was 12.2% in England, 4.7% in Wales, 6.7% in Scotland and 9.6% in Northern Ireland.
  • House prices are increasing strongly across the UK, with prices in London again showing the highest growth.
  • Annual house price increases in England were driven by an annual increase in London of 19.6% and to a lesser extent increases in the South East (12.3%) and the East (11.6%).
  • Excluding London and the South East, UK house prices increased by 7.8% in the 12 months to August 2014.
  • On a seasonally adjusted basis, average house prices increased by 0.6% between July and August 2014.
  • In August 2014, prices paid by first-time buyers were 12.9% higher on average than in August 2013. For owner-occupiers (existing owners), prices increased by 11.2% for the same period.

House Price Index UK Summary

UK average house prices increased by 11.7% over the year to August 2014, unchanged from an increase of 11.7% in the year to July 2014. This follows the moderate house price increases the UK has experienced since April 2012 (Figure 1) and is driven in large part by increases in London. The average UK house price in August 2014 was £274,000.

House Price Index by Region

Average house prices increased in all nine English regions over the year to August 2014. The largest increase was again in London at 19.6% followed by the South East (12.3%) and the East (11.6%). Excluding London and the South East, UK house prices increased by 7.8% over the year to August 2014.