A summary of the HPI for May, relased on the 15th July. UK house prices increased by 10.5% in the year to May 2014, up from 9.9% in the year to April 2014.
- House price annual inflation was 11.0% in England, 6.5% in Wales, 3.6% in Scotland and -0.7% in Northern Ireland.
- House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.
- Annual house price increases in England were driven by a record annual increase in London of 20.1% and to a lesser extent increases in the South East (9.6%) and the East (8.6%).
- Excluding London and the South East, UK house prices increased by 6.4% in the 12 months to May 2014.
- On a seasonally adjusted basis, average house prices increased by 0.8% between April and May 2014.
- In May 2014, prices paid by first-time buyers were 11.3% higher on average than in May 2013. For owner-occupiers (existing owners), prices increased by 10.1% for the same period.