House prices rise 10.5 per cent: demand for housing still strong

New figures from the Office for National Statistics (ONS) have found that house prices rose by 10.5 per cent year on year for the 12 months to May 2014, outstripping the 9.9 per cent rise registered for the same period last year and higher than the 10.2 per cent expected by forecasters. House price inflation continues to outstrip CPI inflation, reaching 11 per cent in England, 6.5 per cent in Wales and 3.6 per cent in Scotland. Prices in Northern Ireland fell by 0.7 per cent. Once again prices in London showed the highest growth with an annual increase in the capital of 20.1 per cent. Homes in the south east rose by 9.6 per cent and the east by 8.6 per cent. The ONS said homes in London now stand 33.7 per cent higher than their pre-crisis peak.

The data also shows that in May 2014, prices paid by first-time buyers were 11.3 per cent higher on average than in May 2013. For owner-occupiers, prices increased by 10.1 per cent for the same period. According to the ONS Index, the average price of a house across the UK is now £262,000…

Click on the link below to read the rest of the IBB Solicitors briefing.

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