House Price Increase

House Price Increase.

The Office for National Statistics (ONS) has released figures that show house price growth outperformed the cost of living in November 2013. Even discounting London, the growth still showed the cost of living lower than house prices.

The data shows house prices for the UK were up 5.4% in November, compared with a year earlier. London by itself was up 11.6% and prices excluding London and the south east of England rose 3.1% compared with 2.1% inflation.

The 2.1% inflation was taken from the Consumer Prices Index and measures the cost of living.

Although growth was seen all over the UK, most of the house price growth was boosted by London.

The average house price in November was:

• £258,000 in England
• £167,000 in Wales
• £131,000 in Northern Ireland
• £184,000 in Scotland