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The Office of National Statistics (ONS) has published its new UK House Price Index which now includes information about first time buyers and new build homes. The Index is split into five reports – one for the UK overall and one each for England, Scotland, Wales and Northern Ireland.
Key headlines from this latest report, covering the year to end of April 2016, showed:
UK average house prices up 8.2%
UK average house prices have increased by 8.2% (down from 8.5% in the year to March 2016), continuing the strong growth seen since the end of 2013.
The average UK house price was £209,000 in April 2016. This is £16,000 higher than in April 2015, and £1,300 higher than last month.
House price changes by country
The main contribution to the increase in UK house prices came from England, where house prices increased by 9.1% over the year to April 2016, with the average price in England now £225,000. Wales saw house prices increase by 1.7% over the latest 12 months to stand at £139,000. In Scotland, the average price increased by 3.3% over the year to stand at £138,000. The average price in Northern Ireland is currently £118,000.
London leads all key metrics
On a regional basis, London continues to be the region with the highest average house price at £470,000, followed by the South East and the East of England, which stand at £302,000 and £263,000 respectively. The lowest average price continues to be in the North East at £122,000.
London was also the region which showed the highest annual growth, with prices increasing by 14.5% in the year to April 2016. The East of England (13.6%) and the South East (12.3%) also had high annual growth. The lowest annual growth was in the North East, where prices increased by 0.1% over the year.
The local authority showing the largest annual growth in the year to April 2016 was City of London, where prices increased by 27.3% to stand at £928,000. The lowest annual growth was recorded in Merthyr Tydfil, where prices fell by 11.1% to stand at £82,000.
In April 2016, the most expensive borough to live in was Kensington and Chelsea, where the cost of an average house was £1.3 million. In contrast, the cheapest area to purchase a property was Burnley, where an average house cost £73,000.
Note: The figures in this new report from the ONS have been compiled using different methodology to the previous monthly ONS House Price Index. For further explanation, visit the ONS site.
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