House price increases down but inequality up, says the Office of National Statistics (ONS)
The Office of National Statistics today released the latest house price figures for March 2013, showing that the speed of house price inflation has slowed.
To give you an idea of the comparison at which the rise of prices has slowed, prices across the nation as a whole rose by 1.9% between February 2012 and February 2013.
That compares with a preceding yearly increase of 2.2% in the 12 months to January. Even though these statistics are based on a national coverage, there is however still areas in the UK that are not seeing this slower speed of house price inflation. The nationwide number reflected a broad inequality across different regions of the UK, which appears to be rising.
According to the Office of National Statistics, house prices in London are now rising at 5.9% year on year. Where as in Scotland and Northern Ireland, they have seen deeper house price falls then ever before.
Prices north of the border are declining by 1.2%, as those in Northern Ireland are down by a massive 7.7% over the last year. With stats not that off from London, Wales house prices are now at an increasing rate of 4.1%, up from just 0.9% in January.
Another region in the UK that is performing healthier than most is north-east England, where prices are up by 2.4%. Ernst and Young’s Item Club earlier this week predicted that house prices in the UK would actually stay almost at a standstill over the next two years.
Its prediction suggested that prices would rise to 2.1% in 2014, but recover to 5% in 2015.
National Statistics House price index 2013 (Download Here)
Future updates on the House Price index 2013
Monday 20th May 2013
Monday 15th June 2013
Monday 15th July 2013
With all this in mind, if you are thinking of moving, or buying your first or next property, why not start the search here.