The Office for National Statistics (ONS) HPI for November 2013 shows a similar picture to the other House Price Indices, with a flat November but overall positive yearly increase in house prices.
- 5.4% increase in the 12 months to November 2013. This is marginally down on the same statistic in October, which was 5.5%
- Excluding London and the south east, UK House Prices rose by 3.1% over the 12 months.
- Seasonally adjusted, the average house price over the month from October to November was up marginally by 0.5%
The yearly growth was reflected as growth in the regions as 5.6% for England, placing the average house price at £258,000, for which the may drivers were:
- 11.6% was seen in London
- 4.5% in South East
- 4.4% seen in West Midlands
All other England regions saw an increase in house prices, with North West with the lowest increase of 0.6%, followed by the South West with 3.1%
Elsewhere the increases were 5.4% in Wales with an average house price of £167,000; 2.5% in Scotland with an average house price of £184,000 and 3.3% in Northern Ireland with an average house price of £131,000.
Price Index by type of buyer
Across the various types of buyers it is seen that first-time buyers are growing in strength, although formal owner-occupiers are catching up.
First time buyer purchases were up by 6.4% over the year to November 2013, up against the previous months figure of 5.9%. The average house price paid by first time buyers was £187,000.