House prices up but by how much?
AVERAGE UK house prices have risen by 1.8 per cent between August 2011 and the same month this year, according to the Office for National Statistics.
The calculation is in contrast to the Land Registry’s figures, which show a 0.7 per cent increase on August last year.
According to the ONS report, house prices grew 2.1 per cent in England, 0.5 per cent in Scotland and 1.4 per cent in Wales between August 2011 and August 2012, but dropped 12.8 per cent in Northern Ireland.
The annual house price rise in England was driven by a 6.3 per cent rise in London.
In August this year, prices paid by first-time buyers were 2.9 per cent higher on average than in August 2011.