Date Published 17 October 2012
Average UK house prices stood at £234,000 in August, the Office for National Statistics has reported. It said this was 1.8% higher than August 2011.
The price is in contrast to the Land Registry’s August price of £163,376, which it reported was 0.7% up on August last year.
The gap between the two indices is £79,624 but ministers have failed to explain, or even comment on, why the government continues to pump out two such different ‘official’ house price surveys.
According to the ONS report, house prices grew 2.1% in England, 0.5% in Scotland and 1.4% in Wales between August 2011 and August 2012, but dropped 12.8% in Northern Ireland.
The annual house price rise in England was driven by a 6.3% rise in London.
In August this year, prices paid by first-time buyers were 2.9% higher on average than in August 2011. For owner occupiers moving home, prices increased by 1.4% for the same period.