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Financial News: UK House Price Inflation At 8-Month High

UK House Price Inflation At 8-Month High

10/17/2017 - 05:43:00 (RTTNews)

(RTTNews) - British house price inflation accelerated in August to the strongest level in eight months, figures from the Office for National Statistics showed Tuesday.

The house price index climbed 5.0 percent year-over-year in August, faster than the 4.5 percent rise in July, which was revised down from a 5.1 percent increase reported earlier.

Moreover, the latest rate of growth was the highest since December 2016, when prices had risen 5.2 percent.

The average UK house price was GBP 226,000 in August, which was GBP 11,000 higher than in the same month of the prior year and GBP 1,000 higher than a month ago.

House price inflation in England alone was 5.3 percent in August. House prices grew 3.4 percent in Wales and a 3.9 percent rise seen in Scotland.

On a regional basis, London remained the region with the highest average house price at GBP 484,000, followed by the South East and the East of England.

On a monthly basis, house prices went up 0.5 percent in August.

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