House prices are no longer at record levels in any region of the UK, with the majority of regions having reached a record level in August 2014.

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The ONS have just released their HPI for November 2014.

Key Findings

  • UK house prices increased by 10.0% in the year to November 2014, down from 10.4% in the year to October 2014.
  • House price annual inflation was 10.4% in England, 3.1% in Wales, 4.4% in Scotland and 11.7% in Northern Ireland.
  • House prices continue to increase strongly across the majority of 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 15.3% and to a lesser extent increases in the East (11.9%) and the South East (10.8%).
  • Excluding London and the South East, UK house prices increased by 7.1% in the 12 months to November 2014.
  • On a seasonally adjusted basis, average house prices increased by 0.2% between October and November 2014.
  • In November 2014, prices paid by first-time buyers were 11.0% higher on average than in November 2013. For owner-occupiers (existing owners), prices increased by 9.5% for the same period.

House Price Index UK Summary

UK average house prices increased by 10.0% over the year to November 2014, down from an increase of 10.4% in the year to October 2014. This follows the 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 mix-adjusted house price in November 2014 was £271,000.

Annual house price rates of change, UK all dwellings from January 2004 to November 2014

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On a seasonally adjusted basis, average house prices increased by 0.2% between October and November 2014, compared to an increase of 0.6% in average prices during the same period a year earlier.

House Price Index by Country

During the year to November 2014, average house prices increased 10.4% in England, 3.1% in Wales, 4.4% in Scotland and 11.7% in Northern Ireland (Figure 3). This is the highest annual increase in Northern Ireland house prices since December 2007 (when prices increased by 12.6%).

In November 2014, Scotland and England average house prices both remain below the record levels witnessed in August 2014

House Price Index by Region

Average house prices increased strongly in all nine English regions over the year to November 2014. The largest increase was again in London at 15.3% followed by the East (11.9%) and the South East (10.8%). Excluding London and the South East, UK house prices increased by 7.1% over the year to November 2014