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UK house prices up in year to November
15-01-2013 15:22
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Average UK house prices increased by 2.1% over the year to November 2012, but the figure masked wide national and regional variations.
Data from the Office for National Statistics (ONS) showed the average price of a home across the UK reached £232,000 during the month.
However, the numbers were skewed by London and the South East - excluding them, the average house price was £186,000, a rise of 0.8% over the year.
The ONS provides lagging evidence on house prices, calculating its index at the time when mortgages are completed using figures from the Council of Mortgage Lenders.
Recent figures from the Halifax for December showed house prices rose 1.3% month-on-month but down by 0.3% year-on-year in the three months to December.
The Nationwide reported that house prices edged down by 0.1% month-on-month in December resulting in a drop of 1.0% year-on-year.
According to the ONS, November average house prices stood at £241,000 in England, £157,000 in Wales, £128,000 in Northern Ireland and £178,000 in Scotland.
Average house prices increased in England by 2.5% over the year and by 0.8% in Wales.
However, prices fell by 1.1% in Scotland and by 8.5% in Northern Ireland, where house prices have been falling since February 2008.
Average house prices increased in eight of the nine English regions over the year to November 2012.
The largest increase was London at 5.0%, followed by the South East at 3.0% and the North West at 2.1%.
Average prices fell in the North East by 2.4% over the year.
House prices rose 0.5% month-on-month in November following a rise of 0.2% in October and a fall of 0.2% in September.
Dr Howard Archer, Chief UK Economist at IHS, believes house prices are likely to be broadly flat over 2013.
"Extended low interest rates and the likely increasing beneficial impact of the Funding for Lending Scheme in supporting mortgage lending [will] counter still difficult economic conditions," he said.
"We suspect that any significant, sustainable turnaround in house prices is still some way off, and is unlikely to occur in 2013."
Data from the Office for National Statistics (ONS) showed the average price of a home across the UK reached £232,000 during the month.
However, the numbers were skewed by London and the South East - excluding them, the average house price was £186,000, a rise of 0.8% over the year.
The ONS provides lagging evidence on house prices, calculating its index at the time when mortgages are completed using figures from the Council of Mortgage Lenders.
Recent figures from the Halifax for December showed house prices rose 1.3% month-on-month but down by 0.3% year-on-year in the three months to December.
The Nationwide reported that house prices edged down by 0.1% month-on-month in December resulting in a drop of 1.0% year-on-year.
According to the ONS, November average house prices stood at £241,000 in England, £157,000 in Wales, £128,000 in Northern Ireland and £178,000 in Scotland.
Average house prices increased in England by 2.5% over the year and by 0.8% in Wales.
However, prices fell by 1.1% in Scotland and by 8.5% in Northern Ireland, where house prices have been falling since February 2008.
Average house prices increased in eight of the nine English regions over the year to November 2012.
The largest increase was London at 5.0%, followed by the South East at 3.0% and the North West at 2.1%.
Average prices fell in the North East by 2.4% over the year.
House prices rose 0.5% month-on-month in November following a rise of 0.2% in October and a fall of 0.2% in September.
Dr Howard Archer, Chief UK Economist at IHS, believes house prices are likely to be broadly flat over 2013.
"Extended low interest rates and the likely increasing beneficial impact of the Funding for Lending Scheme in supporting mortgage lending [will] counter still difficult economic conditions," he said.
"We suspect that any significant, sustainable turnaround in house prices is still some way off, and is unlikely to occur in 2013."
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