Key Findings

• UK house prices increased by 11.7% in the year to July 2014, up from 10.2% in the year to June 2014.
• House price annual inflation was 12.0% in England, 7.4% in Wales, 7.6% in Scotland and 4.5% in Northern Ireland.
• House prices are increasing strongly across the UK, with prices in London again showing the highest growth.
• Annual house price increases in England were driven by an annual increase in London of 19.1% and to a lesser extent increases in the South East (12.2%) and the East (10.6%).
• Excluding London and the South East, UK house prices increased by 7.9% in the 12 months to July 2014.
• On a seasonally adjusted basis, average house prices increased by 1.6% between June and July 2014.
• In July 2014, prices paid by first-time buyers were 13.5% higher on average than in July 2013. For owner-occupiers (existing owners), prices increased by 10.9% for the same period.