The Office for National Statistics July price index shows year on year and month on month price increases.

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The Office for National Statistics July price index shows year on year and month on month price increases.

Key Facts:

  • There was an increase in UK house prices by 11.7% in the year to July 2014, up from 10.2% in the year to June 2014.
  • House price annual inflation was:
    • 12.0% in England
    • 7.4% in Wales
    • 7.6% in Scotland
    • 4.5% 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 19.1% and to a lesser extent increases in the South East (12.2%) and the East (10.6%).
  • Excluding London and the South East, UK house prices increased by 7.9% in the 12 months to July 2014.
  • In July 2014, prices paid by first-time buyers were 13.5% higher on average than in July 2013. For owner-occupiers (existing owners), prices increased by 10.9% for the same period.

 

This month has seen house prices in a number of regions reach record levels. The East Midlands, West Midlands and South West have joined London, the East and the South East in having price levels higher than their pre-financial crisis peaks in 2007/08.