UK house prices rise 2.9% in last 12 months

• Office of National Statistics House Price Report
• KEY POINTS:
• In the 12 months to May 2013 UK house prices increased by 2.9%, up from a 2.6% increase in the 12 months to April 2013.

• House price growth remains stable across most of the UK, although prices in London are increasing faster than the UK average.

• The year-on-year increase reflected growth of 3.1% in England, 0.8% in Scotland, 0.6% in Wales and 1.9% in Northern Ireland.

• May 2013 is the first month that Northern Ireland house prices have grown year-on-year since February 2008.

• Annual house price increases in England were driven by a 6.6% rise in London and a 2.7% increase in both the North West and the West Midlands.

• Excluding London and the South East, UK house prices increased by 1.9% in the 12 months to May 2013.

• On a seasonally adjusted basis, UK house prices increased by 0.3% between April and May 2013.

• In May 2013, prices paid by first-time buyers were 4.1% higher on average than in May 2012. For owner-occupiers (existing owners) prices increased by 2.5% for the same period. 

Average mix-adjusted house prices in May 2013 stood at £248,000 in England, £157,000 in Wales, £134,000 in Northern Ireland and £180,000 in Scotland.

In May 2013, London continues to be the English region with the highest average house price at £416,000. 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 £239,000.

Excluding London and the South East, the average UK mix-adjusted house price was £189,000.