Westmorland Gazette: Slow growth as London's house prices outstrip rest.
Thu 15 Jan 2015
UK House prices increased by 10 per cent in the year to November 2014, down from 10.4 per cent in the previous month, new data from the Office of National Statistics shows.
Overall house prices continue to increase strongly across the majority of the UK, with prices in London again showing the highest growth.
Indeed, house price increases in England were driven by an annual increase in London of 15.3 per cent.
Excluding London and the South East, UK house prices increased by 7.1 per cent in the year to November.
The index also reveals that in November, prices paid by first time buyers were 11 per cent higher on average than a year earlier - for owner occupiers prices increased by 9.5 per cent.
Peter Rollings, chief executive officer of Marsh & Parsons said that with property price growth slowing it must not be forgotten that the market had seen a double digit rise in home values over the past 12 months and this was an impressive leap.