According to the Government’s house price index, the UK’s house prices are barely higher than they were a year ago.
The Office for National Statistics (ONS) said prices in February had risen by just 0.3% over the past year.
However, there are variations depending on the region. For example, prices have risen in London, the South East and Scotland, but falling dramatically in Northern Ireland and the North East.
National Home Buyers‘ have seen property prices rise by 0.2% in February this year putting prices at a UK average of £224,473.
“In the 12 months to February 2012, average house prices increased in both England and Scotland by 0.4% and 1.1% respectively,” the ONS said. “These increases were offset by decreases in Wales, where average prices decreased by 0.5%, and Northern Ireland, where average prices fell by 9.7%. The annual increase in average house prices in England was driven by increases in both London and the South East, where prices increased over the year by 1.7% and 1.2% respectively,” the ONS added.
By contrast, prices in the North East fell by 5% in the year to February.
April 23, 2012 at 8:05 am | Property Buyers |
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