Property values in the UK rose by 3.8% year-on-year to August 2013.
- Property prices grew by 3.8% between August 2012 and August 2013
- House values rose by 0.5% between July and August 2013
- First-time buyers spent 4.9% more in August 2013 than the year before
The cost of buying a property in the UK has increased by 3.8% over the 12 months leading to August 2013.
Data from the Office for National Statistics (ONS) released in its August House Price Index showed this is a rise from the annual growth experienced between July 2012 and July 2013 at 3.3%.
On a monthly basis, house values rose by 0.5% between July and August this year, with prices paid by first-time buyers rising by 4.9% between August 2012 and 2013.
Homeowners buying another property experienced real estate price increases of 3.3% during this 12-month period.
ONS reported that property values in London rose the fastest in the UK, with house prices growing by 8.7% during the year.
A spokesperson for the ONS said: “House price growth remains stable across most of the UK, although prices in London are increasing faster than the UK average.”
Last month’s House Price Index from ONS reported annual value increases of 9.7% in London, while UK properties rose in price by 0.3% between June and July 2013.