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Financial News: UK House Price Inflation At 11-Month High

UK House Price Inflation At 11-Month High

11/14/2017 - 05:17:00 (RTTNews)

(RTTNews) - British house price inflation accelerated in September to the highest level in almost a year, figures from the Office for National Statistics showed Tuesday. The house price index climbed 5.4 percent year-over-year in September, faster than the 4.8 percent rise in August, which was revised down from a 5.0 percent increase reported earlier.

Moreover, the latest house price inflation was the strongest since October 2016, when prices had grown 5.7 percent.

The average UK house price was GBP 226,000 in September, 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 5.7 percent in September. House prices grew 5.3 percent in Wales and a 3.1 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 increased 0.4 percent in September.

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