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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 It is now over 6 months old so the content may be out of date.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

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