Credit: Scottish Greens/Flickr

House prices have soared almost 12% in the past year

Surveys had showed house prices falling, so the ONS' official stats might be a bit behind the times.

by Jack Torrance
Last Updated: 28 Nov 2014

House prices in the UK increased by 11.7% in the year to August, according to the Office for National Statistics (ONS). Unsurprisingly, the figures, released today, show that the boost was driven largely by London, which saw growth of 19.6%.

The overall rate of growth remains unchanged compared to the previous month, although in the capital it increased slightly from 19.1%.

Excluding London and the south-east of England, prices grew by 7%, increasing in every region of the UK. The average house price is now £274,000, but in London this rises to an eyewatering £514,000.  

Source: ONS

The figures contrast with recent rumblings of a cooling in the housing market, perhaps because the ONS figures only run up to the end of August. Nationwide warned two weeks ago that prices fell by 0.2% in September, the first fall in 17 months, and the Royal Institute of Chartered Surveyors said last week it expects to see a modest increase of 2.1% in UK house prices over the next year. We'll have to wait until next month, though, to see whether that September dip is reflected in the official figures.

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