UK house prices up 8.2% in the last year, according to new official measure

House prices across the UK rose by 8.2% in the year to April, taking the average property value to £209,054, according to the new official measure, the UK House Price Index.

The measure shows striking regional variation. In London, prices were up by 14.5%, meaning that the average property value in the capital is now £470,025.

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By contrast, the lowest annual price growth was in the North East of England, which saw an increase of just 0.1% and an average property value of £121,719.

In Scotland, prices climbed by 3.3%, taking the average property value to £138,445, while in Wales they increased by 1.7%, taking the average value to £139,385.

The new index comprises figures collated by the Office for National Statistics (ONS) from data supplied by the Land Registry, Registers of Scotland, Land and Property Services Northern Ireland and the Valuation Office Agency. It will be published monthly (excluding figures for Northern Ireland, which will be published quarterly).

Meanwhile, separate ONS figures showed that the UK’s inflation rate, as measured by the Consumer Prices Index (CPI), was unchanged in May at 0.3%. The Bank of England’s Monetary Policy Committee (MPC) has an inflation target of 2%, but has failed to meet this for more than two years.

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