UK house prices increase by 2.3% - Mortgages - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

UK house prices increase by 2.3%

UK house prices increase by 2.3%

Category: Mortgages

Updated: 17/07/2012
First Published: 17/07/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Good news has emerged for sellers in England and Wales hoping to fetch a good price on their home.

Average UK house prices increased by 2.3% over the twelve months between May 2011 and 2012, up from its previous 1.4% rise in April. This is despite the average house price remaining at £228,000, the same as in April this year.

In England, house prices rose by 2.6% and Wales by 3.5%, recording averages of £237,000 and £154,000 respectively.

House prices increased in five regions across England over the twelve months to May 2012. London continues to be the most expensive place to buy a home in the UK, with the average home costing £388,000. The capital's rise of 7.2% was the highest recorded since November 2010.

House prices in Scotland fell by 1%, while Northern Ireland suffered an even bigger slump of 10.3%. This is believed to be due to the market 'normalising' after a 'boom' period prior to the financial crisis.

What next?

Find the best mortgage deals with independent best buy tables.

Learn how to save the deposit for a house or flat

Learn how to buy your first house: from making an offer to completion

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.