The Office for National Statistics (ONS) has recently published its House Price Index for March 2014, which gives an interesting insight into developments in house prices in all four UK countries, including average prices paid by existing home owners and first-time buyers.

The Index shows that in the year to March 2014, UK house prices increased by 8.0%, down from 9.2% in the year to February 2014. If London and the South East are taken out of the equation then the overall UK increase falls to 4.7%.

At an individual country level, average house prices increased by 8.5% in England, 4.9% in Wales, 0.8% in Scotland and 0.3% in Northern Ireland. In England, prices are now higher than they were in the pre-financial crisis peak of January 2008, but they are yet to reach this level in the other three countries.

In March this year, the average UK mix-adjusted house price stood at £252,000. Without London and the South East, this falls to £195,000. Looking at Scotland on its own, the average house price sits at £181,000.

The Index also shows that the average price for properties bought by first-time buyers increased by 10.0% over the year to March 2014, down from an increase of 10.5% in February 2014. In March 2014 the average price paid for a house by a first-time buyer was £193,000.

There was also an increase in the average price for properties bought by existing owners, with prices rising by 7.2% in the year to March 2014, down from an increase of 8.6% in February 2014. In March 2014, the average price paid for a house by a former owner-occupier was £290,000.

Contains public sector information licensed under the Open Government Licence v2.0.

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