London house prices are up 12.3% in the 12 months to December ’13 and are accelerating – according to the Office of National Statistics’ official figures published yesterday.
The average house price across the UK is £250,000 while London’s average sale in December came in at % £450,000. The average London home price is now 20% higher than at their peak before the credit crisis of 2008. Between November ’13 and December ’13, the UK house prices rose by 0.9%
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ONS report key findings
• UK house prices increased by 5.5% in December 2013 compared with a year earlier, up from 5.4% in November 2013.
• The average UK house price reached £250,000 in December 2013.
• House prices grew by 5.7% in England, 4.8% in Wales, 0.5% in Scotland and 4.8% in Northern Ireland.
• House price growth is beginning to increase strongly across parts of the UK, with prices in London increasing at more than double the UK average.
• Annual house price increases in England were driven by rises in London (12.3%), the East (4.6%) and the West Midlands (4.3%).
• Excluding London and the South East, UK house prices increased by 3.1% in the 12 months to December 2013.
• On a seasonally adjusted basis, average house prices increased by 0.9% between November and December 2013.
• In December 2013, prices paid by first-time buyers were 7.4% higher on average than in December 2012. For owner-occupiers (existing owners), prices increased by 4.7% for the same period.