The Office for National Statistics (ONS) has taken over the compilation and publication of the House Price Index (HPI) from the Department for Communities and Local Government. The latest figures show that in the year up to February 2012, UK house prices increased by 0.3%. In February of this year, the average price for a mix-adjusted house in the UK was £224,473.
In the twelve months running up to February 2012, house prices rose in both England and Scotland by 0.4% and 1.1% respectively. In turn, house prices decreased by 0.5% in Wales and fell by 9.7% in Northern Ireland. It continues to be a difficult market for first-time buyers, with prices 1.3% higher in February 2012 than tweleve months previous. New property continues to be an expensive investment, with a 7.7% price increase from 2011. Previously owned dwellings actually decreased in price by 0.2% in the same time frame.
