UK average house prices increased by 5.2% over the year to August 2015, unchanged from the year to July, according to the latest figures from the Office for National Statistics.
The ONS said in its monthly report that house price annual inflation was 5.6% in England, 0.8% in Wales, 2.9% in Northern Ireland and -0.9% in Scotland.
The average price of property in the UK rose to £284,000 in August. Average house prices property prices, houses on coins (resized)were £298,000 in England, £174,000 in Wales, £151,000 in Northern Ireland and £198,000 in Scotland.
London was the English region with the highest average house price at £522,000, while the North East had the lowest average house price at £160,000.
The average price for properties bought by first-time buyers increased by 3.8% over the year to August 2015, down from an increase of 4.4% in July. The average price paid for a house by a first-time buyer was £215,000. For existing owners, prices increased by 5.8% over the same period.
Unsurprisingly, annual house price increases in England were driven by an annual increase in the East (8.8%) and the South East (7.4%). Excluding London and the South East, UK house prices increased by 4.8%.
In separate news, figures from the Council of Mortgage Lenders show that the home loans market fell in August.
Overall, lenders granted 62,300 mortgages in August, down 9.3% from July, but up 1.5% from last year. According to the CML, this is a normal seasonal trend as August is typically less strong for mortgage completions.
Head of lending at Mortgage Advice Bureau, Brian Murphy, said: “Annual growth of between 5% and 6% looks far more sensible than the double digit growth seen this time last year, although it doesn’t reduce the need for government to put house-building firmly at the top of its agenda.
“For now, it’s encouraging to see first-time buyers less impacted than home-movers by rising prices, and there is also a significant head of steam-building in the remortgage market.
