Property prices “increased strongly” across parts of the UK, the Office for National Statistics (ONS) said. Even if London is removed from the calculations then annual house price growth rose faster than the cost of living in November, official figures show.
The growth in the Capital and South East of the country has been highly publicised, however the growth in property prices has started to extend to other parts of the country.
House prices were up by 5.4% in the UK in November, compared with a year earlier, with every region showing annual house price growth.
National and regional changes
* England: up 5.6%
* Wales: up 5.4%
* Northern Ireland: up 3.3%
* Scotland: up 2.5%
* London: up 11.6%
* South East: up 4.5%
* West Midlands: up 4.4%
* North East: up 4.2%
* East: up 4.1%
* Yorkshire and the Humber: up 3.2%
* South West: up 3.1%
* East Midlands: up 2%
* North West: up 0.6%
Source: ONS annual change, Nov 2013. The ONS house price index is based on mortgage completions, and is more comprehensive than figures from the Halifax and Nationwide which are based on their own mortgage data.
Ryder and Dutton have felt for some time that although there has been a growth in property prices nationally, that locally prices have been fairly consistent and what we have actually started to see is an increased confidence from buyers and sellers as they have returned to the market increasing property transactions.
The market in the North has been boosted by the introduction of Help to Buy, the Governments scheme that has created more demand from first time buyers. The return of first time buyers has in turn released more second time buyers into the market place as they find themselves in a position to buy on again.