Average UK property prices up 2.3% year on year in May 2012, latest data shows
18-07-2012
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This continues the pattern seen since May 2010, with house prices relatively stable across most of the UK although falling in Northern Ireland.
The year on year increase reflected growth of 2.6% in England and 3.5% in Wales, which was offset by declines in Scotland and Northern Ireland of 1% and 10.3% respectively.
Annual house price increases in England were driven by a 7.2% rise in London as well as increases in the South East and East Midlands of 3.4% and 2.3% respectively. The largest decreases in England were 1.6% in the North West and 1.2% in the West Midlands.
On a seasonally adjusted basis, UK house prices remain unchanged between April and May 2012.
Prices of new dwellings rose by 6.2% while the price of pre-owned dwellings increased by 2% year on year.
In May 2012 prices paid by first time buyers were 2.8% higher on average than in May 2011. For existing owners prices increased by 2.1% for the same period.
This means that the average mix adjusted house price in the UK in May 2012 was £228,000 while excluding London and the South East, the average UK mix adjusted house price was £183,000.
On a regional basis the average mix adjusted house prices was £237,000 in England, £154,000 in Wales, £132,000 in Northern Ireland and £177,000 in Scotland.
London continued to be the English region with the highest average house price at £388,000. The North East had the lowest average house price at £143,000. London, the South East and the East of England all had prices higher than the UK average price of £228,000.
