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Official house prices rise again

Average UK residential property prices rose 7.7% during the past year up to August, which is an improvement on the 6% gain recorded in July, according to official figures released by the Department for Communities and Local Government.

Price inflation in England rose from 5.5% in July to 7% in August; the inflation rate in Scotland rose from 9.3% to 12.8%; in Northern Ireland the rate rose from 18.3% to 25.9%. While in Wales the rate fell from 7.4% to 7.1%.

Average residential property prices in August were £205,556 in England, £158,028 in Wales, £145,490 in Scotland and £166,398 in Northern Ireland.

London remains the most expensive place to buy a home in England, where average property prices stand at £286,369. The lowest average price was in the North East at £142,901.

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