House prices rise 2.3% in 12 months

House prices rose 2.3 per cent in the 12 months to June, according to the latest official data from the Office for National Statistics (ONS). The rate of increase remains unchanged from the year to May, showing that values for property buyers and those looking to make a quick home sale remain fairly stable.

Despite the overall UK growth, England was the only country to see prices increase in the 12 months to June. Scotland and Northern Ireland saw prices decline by one per cent and 12.9 per cent respectively, while they remained unchanged in Wales.

Further analysis of the ONS data shows that London, where prices increased 6.5 per cent, was the primary force behind the rise. The south-west and the south-east also saw property values rise 2.3 per cent and 2.3 per cent respectively.

However, there was bad news for first-time property buyers, who typically had to pay 3.1 per cent more for their homes than they would have had to in June 2011, and the price of new dwellings rose 5.9 per cent.