House prices across Britain continue to grow as London homes become costlier, according to the ONS house price index.
Nation-wide prices increased by an average 10 per cent in the year to November 2014, driven up by a 15.3 per cent uplift in the capital. Property inflation in the East (11.9 per cent) and the South East (10.8 per cent) also contributed to the overall price growth.
First-time buyers had to pay 11 per cent more for a new home in November 2014 than a year ago, while prices for existing owners were up by 9.5 per cent.
The highest house price inflation in the year to November was recorded in Northern Ireland (11.7 per cent), where homes have not been costlier since December of 2007.
The UK country with the smallest rise in property prices was Wales (3.3 per cent). Property inflation in England was 10.4 per cent and in Scotland it was 4.4 per cent.
The ONS house price index is an important measure of property inflation for the UK and together with the Land Registry HPI, it is one of the main indices used by central and local government to support decision making in the UK.
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