House prices up 12.1% in a year, say ONS
House prices increased by 12.1% in the year to the end of September, figures from the Office for National Statistics (ONS) show.
Official statistics point out that there was an 18.8% annual increase in house prices in London, plus an 11.6% rise for properties in the South East.
In September 2014, prices paid by first-time buyers were 13.3% higher on average than in September 2013. For existing-owners, prices increased by 11.5% over the same period.
According the BBC, ONS house price figures are based on mortgage-financed purchases of homes in the UK. It explained that the average property cost £273,000, with prices rising faster year-on-year than at any time since 2007.
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