Property Prices Actually Up, Claims ONS

Nov 20, 2014

According to an official survey, the growth of property prices rose to 12.1% in a year (to the end of September), despite other figures revealing a cool down. But who is correct?

The Office for National Statistics has claimed that the rate has increased from 11.7%, with prices increasing the most rapidly in London, reports the BBC.

In the capital, there was an 18.8% yearly rise, according to the statistics. The publication of this data has come out at the same time as the figures showing the latest increase in living costs.

The Consumer Prices Index (CPI) measure of inflation has also increased slightly, reaching 1.3% in October against 1.2% in September.

The ONS has also suggested that the average house price reached £272,000 – the fastest annual rise since 2007.

However, other data from Halifax and Nationwide has claimed that property price growth has slowed down in the year to the end of October. As well as this, other experts have suggested that the housing market has reached a “plateau”.

The price of a home paid by first-time buyers was, on average, 13.3% higher than in September 2013. For existing home owners, prices rose by 11.5%.

In terms of regions, prices increased 12.5% in England, 10.9% in Northern Ireland, 7.6% in Scotland and 5.8% in Wales, according to the ONS.

Perhaps these average figures mask the full picture of a property market moving at various speeds across the country?