In the year to March 2013 UK property prices rose by 2.7 per cent, showing potential green shoots of a housing market recovery.
This compares to a 1.9 per cent increase in prices in the 12 months to February 2013, according to the figures from the Office for National Statistics (ONS).
It revealed that the average mix-adjusted house price in the UK in March 2013 was GBP 235,000.
However, for England this figure stood at GBP 244,000, in Wales the average house costs GBP 157,000, for Northern Ireland this figure is GBP 130,000 and GBP 178,000 in Scotland.
House prices across the country are relatively stable but there are some strong regional differences.
In London and the South East house prices increased by 7.6 per cent and 3.3 per cent respectively, boosting the overall average for the UK.
However, other regions were not so fortunate, with house prices falling by 1.7 per cent in Scotland and 2.0 per cent in Northern Ireland.
Indeed, if London and the South East were excluded from the figures, prices increased by an average of just 0.6 per cent in the 12 months to March.
Average house prices increased in just six out of nine regions in England, with a decrease of 1.3 per cent in Yorkshire and The Humber, a drop of 0.3 per cent in the South West and no change seen in the North West on previous figures.
Once seasonally adjusted, house prices rose by around 0.4 per cent between February and March 2013. This compares with a decrease in average prices of 0.4 per cent in March 2012.
However, it looks like starter homes are not seeing the same price increases as those further up the property ladder - perhaps due to difficulties in securing lending and deposits despite the increase in affordability.
The ONS figures revealed the the prices paid by first-time buyers were 1.3 per cent higher in March 2013 year-on-year. However for owner-occupiers, this price increase more than double that for first-time buyers at 3.2 per cent for the same period.
- Thursday 23 May 2013