House prices up 8.4% in year to August: ONS

Average UK house prices have risen by 8.4 per cent in the year to August 2016, according to the latest ONS house price index.

The average UK house price was £219,000 in August 2016. This is £17,000 higher than in August 2015 and £3,000 higher than the previous month.

The main contribution to the increase in UK house prices came from England, where house prices increased by 9.2 per cent over the year to August 2016.

The average price in England is now £236,000.

Wales saw house prices increase by 2.7 per cent over the last 12 months to stand at £145,000.

In Scotland, the average price increased by 4.3 per cent over the year to stand at £145,000. The average price in Northern Ireland is currently £123,000.

London continues to be the region with the highest average house price at £489,000, followed by the South East and the East of England, which stand at £318,000 and £277,000 respectively.

The lowest average price continues to be in the North East at £127,000.

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