The latest data to emerge from the Office for National Statistics (ONS) house price index has highlighted that over the year to October 2015, the average price of a house in the UK rose by 7% to £300,000 – a rise of 0.9% in the year to September 2015.
On a seasonally adjusted basis, average house prices increased by 0.8% between September and October 2015, compared with a decrease of 0.1% in average prices during the same period a year earlier.
During the year to October 2015, average house prices increased 7.4% in England (up from 6.4% in the year to September 2015), 1.0% in Wales (down from 1.1%), 0.9% in Scotland (down from 1.1%) and 10.3% in Northern Ireland (up from 10.2%).
In October 2015, prices paid by first-time buyers were 5.9% higher on average than in October 2014. For existing owners, prices increased by 7.4% for the same period.
Average mix-adjusted house prices in October reached £300,000 in England and stood at £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.
Annual house price increases in England were driven by an annual increase in the East (10.4%) and the South East (9.5%). The North East had the lowest annual growth of the 9 regions, with prices increasing 2.9% in the year to October 2015 (up from 1.8% in the year to September). London prices increased by 7.7% over the year to October 2015 (up from 7.2% in the year to September 2015).
Source: Property Reporter