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Property prices on the up in England

17th October 2012 | back to article listings BACK    print this article PRINT

Property prices rose in England, Wales and Scotland in August, but in Northern Ireland figures dropped by their largest amount since 2011, according to the Office for National Statistics (ONS).

Prices rose throughout the UK by 1.8% to 234,000 on average in August compared to last year.

In England there was a 2.1% increase to a 242,000 average price, while prices rose by 0.5% in Scotland to 184,000 on average and Wales saw a 1.4% increase to 161,000, the ONS said.

However, the fall in Northern Ireland prices continues, with a 12.8% average decrease over the last year to 129,000 representing the largest fall since May 2011.

However, UK numbers would have stayed the same were it not for the increasing prices in London and the South East, the ONS study said.

It also looks as if the 80 billion funding for lending project started in August is beginning to open up more credit for households and businesses to purchase property.

The availability of UK mortgages is also on the rise, although largely for people with deposits of 20% or higher.

Copyright Press Association 2012

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