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London drives increase in UK house prices

UK house prices in August increased by 11.7% compared to a year ago, the Office for National Statistics has confirmed.
Prices in London showed the highest growth with an annual increase of 19.6%, while there was also growth in the South East (12.3%) and the East (11.6%).

Excluding the South East region, prices rose by 7.8% in the 12 months to August 2014.

House price annual inflation was 12.2% in England, 4.7% in Wales, 6.7% in Scotland and 9.6% in Northern Ireland.

On a seasonally adjusted basis, average house prices increased by 0.6% between July and August of this year, while prices paid by first-time buyers were 12.9% higher on average than in August 2013.

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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