| CATEGORY: NEWS AND ANNOUNCEMENTS |
Tue 17 Jul 2012
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LONDON (SHARECAST) - UK house prices grew by 2.3 per cent year-on-year in May, according to the latest data out today from the Office for National Statistics (ONS).
Economists had expected a gain of 1.3% , following on from the 1.4% rise reported for the previous month.
The year-on-year increase reflected growth of 2.6% in England and 3.5% in Wales, which was offset by declines in Scotland and Northern Ireland of 1.0% and 10.3% each.
House prices in London rose by 7.2%.
According to the ONS house prices continued the pattern seen since early 2010, house prices remained relatively stable across most of the UK, although they continue to fall in Northern Ireland.
Prices of new dwellings rose by 6.2% during the 12 months to May 2012, while the price of pre-owned dwellings increased by 2.0% in the same period.
In May 2012 prices paid by first time buyers were 2.8% higher on average than in May 2011. For owner occupiers (existing owners) prices increased by 2.1% for the same period
AB
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