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UK Property Prices up 2.3pc on Average

The price of housing in the UK rose by 2.3pc from May 2011 to May 2012, figures from the Office of National Statistics showed. London experienced the largest hike in prices, rising 7.2pc, while improvements in the South East and East Midlands helped the UK reach the overall 2.3pc mark.

This is in line with results seen in May 2010, with prices across the UK remaining fairly stable, apart from in Northern Ireland where the price of housing continues to fall. Scotland too saw a small fall in prices, which offset the progress seen in England and Wales over the last year.

The price of new builds across the UK has also increased, selling for an average of 6.2pc more than the previous year, while in May 2012 prices paid for houses by first time buyers were on average 2.8pc higher than in May 2011. Prices also increased over the same period for existing owners by 2.1pc.

The results of this mean that the average mix adjusted house price within the UK in 2012 was £228,000, however if you exclude London and the South East, this drops to £183,000. This is because the highest average house prices by region continue to be seen in London, and stands at £388,000. The North East tips the other end of the scale, with an average price of £143,000.

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