House prices in UK have risen by 1.8 percent in last 12 months. The reports have been revealed by The Office for National Statistics (ONS) in August 2012.
House prices in UK have risen by 1.8 percent in last 12 months. The reports have been revealed by The Office for National Statistics (ONS) in August 2012. However, it shows downturn with 2.0 percent for last 12 months to July 2012. It can be concluded from the reports that house prices rose by 0.1 percent on monthly basis with flat rise in July.
Statistics report shows variation in price rise of houses from one UK state to another. According to reports, there is 2.1 percent rise in the cost of houses in England whereas Scotland has seen only 0.5 percent rise in house cost. Wales has 1.4 percent increase in cost of houses on yearly basis. States of Northern Ireland has seen downward trend in house costs and it has been noted that cost of houses have declined with the rate of 12.8 percent over last year in this state.
ONS reports have said that house prices are generally on stable rate across the UK apart from prices in Northern Ireland. This state has seen big fall in cost of houses. Cost increase has been noted for London which helps to prop up price for rest of UK.
UK & European economist at HIS Global Insight, Howard Archer has said that they will hold the view of house prices which has gradually decline over final months of 2012 and the trend will continue for early months of 2013 at least. Further he added that there is hope of downward trend in house prices level and it may go down around 3% from current level. It is expected because of muted earning growth of consumers and limited marketing activity in recession period started in 2008. UK individuals are moving towards borrowing options like logbook loans or personal loans to enhance expenses ability and those who want to buy home with increased price rate are depending on home loans to manage cash for this purpose.
London house prices rose by 6.3 percent. Increases have also been noted in south-east of England and West midlands. House prices in the UK were unchanged in the last 12 months excluding London and the south-east of England.