EAT’s scepticism about the almost-daily flurry of UK house price data is well known but the latest, from the Office for National Statistics, is at least an ‘official’ government figure.
It shows UK house prices up 5.4 per cent in the 12 months to November 2013.
That‘s actually a tad down from the 5.5 per cent increase seen from in the year to October, but it shows more geographically widespread increases than before.
England saw 5.6 per cent growth in the 12 months, with 5.4 per cent in Wales, 2.5 per cent in Scotland and 3.3 per cent in Northern Ireland.
This takes the average UK house price to £248,000 in November.
Yes, that is far higher than the figure from most other sources because no two indices have the same measurement criteria. It is this potential confusion to the public which lies behind our scepticism in articles like this (link).
However inconsistent the indices, the residential industry has of course reacted well to positive news. “These figures show that in a third of regions, house prices have surpassed January 2008 levels” says Peter Rollings of Marsh & Parsons estate agency.