House prices rising across the UK


File photo dated 27/01/14 of for sale signs displayed outside houses in Finsbury Park, North London. House prices surged by 8.8% year-on-year in January as they continued to increase at their fastest pace since 2010, Nationwide has reported.  PRESS ASSOCIATION Photo. Issue date: Wednesday January 29, 2014. See PA story ECONOMY  House. Photo credit should read: Yui Mok/PA Wire

House prices are now rising "strongly" across most parts of the UK after official figures showed values leapt 9.1% year-on-year to a new average high of £253,000.

Prices jumped 1.9% month-on-month in February, meaning the index run by the Office for National Statistics (ONS) surpassed a previous record set the previous month.

The report said that the majority of the country is now seeing strong year-on-year growth in property prices. All regions across the UK saw prices rise, ranging from a 17.7% increase in London to a 2.4% rise in Scotland.

London continues to drive the market, with property prices there now standing at reach £458,000 on average. Prices in England are rising at their slowest in the North East, which recorded a 2.9% annual rise, pushing typical prices there to £146,000.

House prices have lifted year-on-year by 8.0% in the South East, by 7.7% in the East of England, by 7.6% in the East Midlands, by 5.8% in the South West, by 5.6% in the West Midlands, by 5.9% in the North West and by 5.3% in Yorkshire and the Humber.

The report said: "House price growth is increasing strongly across most parts of the UK, with prices in London again showing the highest growth."

The typical cost of a home has jumped annually by 9.7% in England to reach around £264,000, by 5.3% in Wales to £167,000, by 2.4% in Scotland to £183,000 and by 2.8% in Northern Ireland to £130,000.

The year-on-year rise in house prices in England is the fastest seen for the nation since June 2010.
England remains the only UK nation where prices are above their pre-crisis peak, sitting at 5% above a high for the England index recorded in 2008.

Prices in Northern Ireland are still 50.2% below their previous index highs, while in Scotland and Wales they are 6.8% and 2.9% below their previous peaks respectively.

The ONS figures also show that someone trying to get on the property ladder faces paying 10.5% more for a property than they would have done a year ago, with the typical price paid by first-time buyers reaching £192,000 in February.

The people who affect house prices

The people who affect house prices