The Office for National Statistics (ONS) today released its December 2013 House price Index. In line with the various other HPI releases, the ONS shows that 2013 ended very positively. The increase of the average UK house price to £250,00 also pushes thousands more people into the next band for Stamp Duty at 3%

ONS Sept 13 HPI

The Office for National Statistics (ONS) today released its December 2013 House price Index. In line with the various other HPI releases, the ONS shows that 2013 ended very positively.

Key Facts:

  • 5.5% increase in UK house prices in December 2013 compared to December 2012
  • 5.4% increase over the month from November 2013, placing the average UK house price at £250,000
  • Across sthe UK countries house prices grew by:
    • 5.7% in England,
    • 4.8% in Wales,
    • 0.5% in Scotland,
    • 4.8% in Northern Ireland.

Howard Archer, chief UK economist at IHS Global Insight, said the figures would

“maintain concern that a housing bubble could really develop in 2014”.

The increase of the average UK house price to £250,00 also pushes thousands more people into the next band for Stamp Duty at 3%

Stamp Duty Rates

  • Up to £125,000 : 0%
  • £125,000 to £250,000 : 1%
  • £250,000 to £500,000 : 3%
  • £500,000 to £1m : 4%
  • £1m – £2m : 5%
  • £2m+ : 7%

 

 

Regional picture

House prices are growing strongley across the UK although London continues to outweigh other regionals with more than double the growth of the UK average.

Within England the house price rises were driven by London at 12.3%, followed by the East at 4.6% and West Midlands at 4.3%.

The smallest increases came from Yorkshire & t5he Humber at 1.8%, East Midlands at 1.9% and the Wouth West at 2.5%.

UK House Price Regional Picture

Source: Office for National Statistics

If London was excluded from the HPI figures then the UK house prices would have increased by just 3.1% over the 12 months.

It would see that first time buyers are driving some of these prices with an increase on average of 7.4% against December 2012 figures. Owner-occupiers had a lower increase at 4.7%.