House prices continue to increase strongly across the majority of the UK, with prices in London again showing the highest growth.

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.

ONSLogo

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

2015-01-23_13-04-56

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

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

Property deals in your inbox

Get access to exclusive property investment deals

LEGAL INFORMATION

This site is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. We are compensated for referring traffic and business to Amazon and other companies linked to on this site. We may also do this with other affiliate schemes.

Light up a north facing room
Light up a north facing room

You May Also Like…

Change Pricing Plan

We recommend you check the details of Pricing Plans before changing. Click Here



£2030 daysPay Per Listing0 regular & 0 featured listings



£4030 daysPay Per Listing0 regular & 0 featured listings



£12030 daysPay Per Listing0 regular & 0 featured listings



£25030 daysPay Per Listing0 regular & 0 featured listings



£2500365 daysPay Per Listing1 regular & 1 featured listings



£600365 daysPay Per Listing0 regular & 0 featured listings



£220365 daysPay Per Listing0 regular & 0 featured listings



£110365 daysPay Per Listing0 regular & 0 featured listings



£1200365 daysPay Per ListingUnlimited regular & Unlimited featured listings



£440360 daysPay Per ListingUnlimited regular & Unlimited featured listings



£220365 daysPay Per ListingUnlimited regular & Unlimited featured listings



£Unlimited daysPay Per Listing1 regular & 0 featured listings