Increase in average house prices

Average house prices in the UK increased by 5.1% in the year to November 2017 (down from 5.4% in October 2017); which means the average UK house price was £226,000, £11,000 higher than in November 2016 and unchanged from last month.

The main contribution to the increase in UK house prices came from England, where house prices increased by 5.3% over the year to November 2017, with the average price in England now £243,000.

Wales saw house prices increase by 4.5% over the last 12 months to stand at £153,000.

In Scotland, the average price increased by 3.6% over the year to stand at £146,000.

The average price in Northern Ireland currently stands at £132,000, an increase of 6% over the year to Quarter 3 (July to Sept) 2017.

On a regional basis, London continued to be the region with the highest average house price at £482,000, followed by the south east and the east of England, which stood at £325,000 and £290,000 respectively. The lowest average price continued to be in the north east at £128,000.

The West Midlands showed the highest annual growth, with prices increasing by 7.2% in the year to November 2017. This was followed by the East Midlands (6.4%) and the north west and south west (6.2%). The lowest annual growth was in London and the north east, where prices increased by 2.3% over the year, followed by Yorkshire and The Humber at 3%.