House prices up 3.1%

In the 12 months to June 2013 UK house prices increased by 3.1%, up from a 2.9% increase in the 12 months to May 2013.

According to the latest House Price Index from the Office of National Statistics, the year-on-year increase reflected growth of 3.3% in England and 4.3% in Wales, offset by falls of 0.9% in Scotland and 0.4% in Northern Ireland.

House price growth remains stable across most of the UK with prices in London continuing to increase faster than the UK average, with annual increases in London of 8.1%.

On a seasonally adjusted basis, UK house prices increased by 0.4% between May and June 2013.

The RICS Residential Market Survey was also released yesterday which showed a fourth consecutive month of house price rises, with the fastest rate of increase since the market peak of November 2006.

Looking forward RICS have predicted that prices across the country are going to continue to increase whilst transaction levels are also expected to grow, as 53% more respondents expect sales to rise rather than fall over the coming three months.

Peter Bolton King, RICS Global Residential Director, said: “These results are great news for the property market as it looks like at long last a recovery could be around the corner.  

“Growth in buyer numbers and prices have been happening in some parts of the country since the beginning of the year but this is the first time that everywhere has experienced some improvement.

“It is clearly good news that those parts of the property market that were struggling are at last showing some signs of life.”

Today's Conveyancer