South East sees joint second largest rise in house prices

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The South East has seen the joint second largest rise in house prices over the last year according to the latest figures released by the Office of National Statistics.

Prices in the South East rose by 11.2 per cent between March 2014 and March 2015, up from the 8.5 per cent recorded the previous year.

Graph showing house price changes over the past 12 months.

Graph showing house price changes over the past 12 months.

The rise is the same as the one seen in London over the past year which also saw an 11.2 per cent increase, up from 9.1 per cent in 2014.

The largest annual increase was in the East with prices climbing by 11.4 per cent, a leap of around 11.2 per cent between March 2014 and February 2015.

The lowest rise was seen in Yorkshire and The Humber where prices rose by 4.4 per cent.

In general the figures show an increase across the UK which has affected both first time buyers and existing home owners.

On average the UK has seen a 9.6 per cent leap in house prices since March last year, up from 7.4 per cent in March 2014.

In England the annual house price inflation was around 9.4 per cent and experts have said the jump has been driven by the annual increase in the East, London and the South East.

Excluding London and the South East, house prices across the UK increased by 8.1 per cent over the last the 12 months which is an increase on the 6.1 per cent recorded last year.

In March 2015, prices paid by first-time buyers were 7.8 per cent higher on average than in March 2014 and for owner-occupiers (existing owners), prices increased by 10.3 per cent over the same period.

On a seasonally adjusted basis, average house prices have also increased by 1.1 per cent between February and March 2015.

There has also been jumps in Wales (5.7 per cent) Scotland (14.6 per cent) and Northern Ireland (7.5 per cent) over the past year with Scotland recording its highest rise since 2007.

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