UK house prices accelerate by 7.7% in November
01-23-2016
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House prices across the UK accelerated in the year to November, rising 7.7%, according to the Office for National Statistics (ONS).
In the year to October, prices increased by 7%.
The East of England continued to see the sharpest increase, at 10.2%, with London and the South East seeing rises of 9.8%.
Prices in Scotland and the North East of England saw the slowest growth, at just 0.4%, the ONS said.
The average cost of a home rose to £288,000, a new record.
Separate figures from the Land Registry for England and Wales only showed that prices rose by 6.4% in 2015.
They put the average cost of a house or flat at £188,270.
Unlike the ONS, Land Registry figures include homes bought with cash, so are thought to provide a fuller picture of the market.
| UK House prices: The north-south divide | |
|---|---|
| Region | Price rise (year to Nov 2015) |
| Eastern England | 10.2% |
| London | 9.8% |
| South East England | 9.8% |
| West Midlands | 6.8% |
| South West | 6.5% |
| East Midlands | 6.2% |
| North West England | 5% |
| Yorkshire + Humberside | 3.3% |
| North East England | 0.4% |
| England | 8.3% |
| Northern Ireland | 4.6% |
| Wales | 1.3% |
| Scotland | 0.4% |
| source: ONS | |
Earlier this month, the UK's largest lender, the Halifax, said prices rose by 9.5% in 2015, the fastest rise since 2006.
The Nationwide estimated that the rise was much smaller - just 4.5%.