UK HOUSE prices are rising strongly, ticking up by 2.9 per cent in the year to May, the Office for National Statistics announced yesterday.
The release showed the fastest year-on-year growth in prices yet seen in 2013. London contributed most to the increase, with a 6.6 per cent rise, soaring above average wage growth. In May 2013, prices paid by first-time buyers were 4.1 per cent higher on average than 12 months earlier, and for existing owners prices increased by 2.5 per cent.
As house prices continually grow at a stable pace, close to the level of general inflation, London prices are increasing faster than the UK average. Northern Ireland saw the first month that house prices have grown year-on-year since 2008.