You are here: Home - Mortgages - Buy To Let - News -

Slight increase in UK house prices masks regional decline

0
Written by:
19/12/2012
UK house prices have increased by 1.5% in the twelve months to October, despite declines in some regions, according to the Office for National Statistics house price index.

Overall, prices increased slightly, driven by growth of over 3% in London and Yorkshire and The Humber. However, prices fell by 11.7% in Northern Ireland and the West Midlands and the Scottish markets also saw a slight drop.

Intermediary Mortgage Lenders Association executive director Peter Williams said the figures showed there were reasons to be optimistic about growth in 2013-14: “House prices continue to remain reasonably stable across most of the UK although there are some regional discrepancies, with London and the South East seeing the largest increase. It is clear that the North/South divide is still a reality when it comes to the property market.”

First-time buyers were the most likely to notice the change – prices paid by first-time buyers rose by 1.8% on October 2011 compared to 1.3% for existing owners.

Prices were highest in London, where the average property went for just under £400,000, or over twice the price of most regions. Prices in the North East and Northern Ireland were the cheapest, with the average home sold for less than £150,000.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2232958-money-graph-twenty
90% of mortgage applicants choosing fixed rate loans

Falling rates have seen over 90% of new mortgage applicants opt for fixed rate mortgages, according to data from Mortgage...

Close