House prices in all regions of the UK have risen for the first time since January 2008, new figures from the Office of National Statistics (ONS) show.
According to the ONS data, national property prices rose by 2.9 per cent in the year to May 2013, leaving the current average house price in the country at £239,000.
Source: thelittlehousecompany.com
London leads the way when it comes to property price growth, with average property values in the capital city having risen by 6.6 per cent since May 2012. The North West and West Midlands recorded the next highest annual price increases, with values in both those regions rising by 2.7 per cent.
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The smallest rise in prices was recorded in Wales (0.6 per cent), followed by Scotland (0.8 per cent). Prices in Northern Ireland rose by 1.9 per cent – the first annual price growth recorded there for five years.
According to data released by the Council of Mortgage Lenders earlier this month, the number of first-time buyers entering the UK’s housing market is currently at its highest level since the credit squeeze began. New schemes introduced by the UK government, ‘Help to Buy’ and ‘Funding for Lending’, have been cited as having a major impact in stimulating the country’s property market.