House prices in the SW reached a new all-time high of £250,000 on average in August after surging by 11.7% year-on-year, according to official figures.

Growth in property values in London continued to outstrip the rest of the UK, with prices in the capital leaping by 19.6% year-on-year to stand at £514,000 in August, the Office for National Statistics (ONS) data showed.

Average house prices in London pushed over the half a million pound mark for the first time in July.

Average mix-adjusted house prices in August 2014 stood at £285,000 in England, £172,000 in Wales, £143,000 in Northern Ireland and £200,000 in Scotland (Figure 7).

In August 2014, London continued to be the English region with the highest average house price at £514,000 and the North East had the lowest average house price at £154,000. London, the South East and the East all had prices higher than the UK average price of £274,000.

Excluding London and the South East, the average UK mix-adjusted house price was £208,000.

Key findings:

  • UK house prices increased by 11.7% in the year to August 2014, unchanged from the year to July 2014.
  • House price annual inflation was 12.2% in England, 4.7% in Wales, 6.7% in Scotland and 9.6% 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 19.6% and to a lesser extent increases in the South East (12.3%) and the East (11.6%).
  • Excluding London and the South East, UK house prices increased by 7.8% in the 12 months to August 2014.
  • On a seasonally adjusted basis, average house prices increased by 0.6% between July and August 2014.
  • In August 2014, prices paid by first-time buyers were 12.9% higher on average than in August 2013. For owner-occupiers (existing owners), prices increased by 11.2% for the same period.