Latest house price date from Office of National Statistics

The ONS released their latest house price statistics today with more evidence that the housing market is starting to pick up pace pace in England and Wales, with London leading the way.

Key points from ONS today

• In the 12 months to March 2013 UK house prices increased by 2.7%, up from a 1.9% increase in the 12 months to February 2013.
• House price growth remains stable across most of the UK, although prices in London are increasing and prices in Northern Ireland are falling.
• The year-on-year increase reflected growth of 3.0% in England and 1.2% in Wales, which were offset by declines of 1.7% in Scotland and 2.0% in Northern Ireland.
• Annual house price increases in England were driven by a 7.6% rise in London and a 3.3% increase in the South East. The East saw a 2.8% increase, West Midlands 2%, North East 1.8%, East Midlands 0.3%, North West unchanged, while in the South West prices fell 0.3%.
• Excluding London and the South East, UK house prices increased by 0.6% in the 12 months to March 2013.
• On a seasonally adjusted basis, UK house prices increased by 0.4% between February and March 2013.
• In March 2013, prices paid by first-time buyers were 1.3% higher on average than in March 2012. For owner-occupiers (existing owners) prices increased by 3.2% for the same period.  

Average house prices in countries and regions

Average mix-adjusted house prices in March 2013 stood at £244,000 in England, £157,000 in Wales, £130,000 in Northern Ireland and £178,000 in Scotland.

In March 2013, London continues to be the English region with the highest average house price at £398,000. The North East had the lowest average house price at £144,000. London, the South East and the East of England all had prices higher than the UK average price of £235,000.

House Price Index by type of buyer

The average price for properties bought by first-time buyers increased by 1.3% over the year to March 2013, down from an increase of 1.6% in February 2013. During March 2013 the average price paid for a house by a first-time buyer was £175,000.
The average price for properties bought by former owner-occupiers (existing owners) increased by 3.2% in the year to March 2013, up from an increase of 2.0% in February 2013. In March 2013, the average price paid for a house by a former owner-occupier was £270,000.

House Price Index by new and pre-owned dwellings

During the year to March 2013 prices paid for new dwellings increased by 1.0% on average, compared with a decrease of 0.3% in the year to February 2013. The average UK house price for new dwellings in March 2013 was £230,000.
During the year to March 2013 prices paid for pre-owned dwellings increased by 2.8% on average, compared with an increase of 2.0% in the year to February 2013.