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.
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