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House prices rise by almost 10% in 12 months

House prices rise by almost 10% in 12 months

Category: Mortgages

Updated: 13/05/2010
First Published: 13/05/2010

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
House prices across the UK have risen by almost 10% in the last 12 months, with almost all regions recording annual increases.

A 0.7% rise in prices during March means that house prices finished the month 9.7% up on the same point in 2009, figures from the Communities and Local Government index show.

Homeowners in England were the biggest winners over the 12 months to March, with average prices rising by 10.1%, while the value of Scottish property increased by an average of 7.2%.

The Welsh property market also recorded strong gains, with prices rising by 8.1%.

Northern Ireland was the only country in the UK not to report an increase in property prices over the 12 months to March, with values actually falling by 6.9% in the period.

The improving conditions have hit the pockets of first time buyers, however, with the average amount paid by a newcomer up by 12.6% on a year ago.

At the end of the first quarter of the year, somebody buying a home in England could have expected to pay £212,266, although a house in London would have cost considerably more, at £326,924.

The South West, the East and the South East also had average prices above the UK average.

Average house prices at the end of March in Scotland, Wales and Northern Ireland were £165,106, £150,648 and £174,172 respectively.

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