15 Oct

House prices remain stable in UK market

House prices remain stable in UK market

The Office for National Statistics (ONS) House Price Index (HPI) has revealed that in the 12 months to August 2013, house prices have risen by 3.8 per cent.

Compared to the 3.3 per cent enjoyed in the 12 months to July, the figures show a 0.5 per cent increase.

Across the UK house price growth is stable, with prices in London seeing a faster increase than the rest of Britain.

Positive increase in house price growth could benefit those looking to sell towards the end of this year. London and the West Midlands have driven the annual rise with increases of 8.7 per cent and 3.8 per cent respectively.

Findings from the ONS show the highest HPI since January 2008, breaking the previous record by 0.3 per cent.

A flat or house in the UK is now worth an average of £247,000 according to the ONS. House prices could continue to appreciate in value if the current trend continues.

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