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Property prices in the 12 months to March 2013 increased by 2.7%, edging up from an increase of 1.9% in the 12 months to February 2013, according to figures from the Office of National Statistics (ONS).

The year-on-year increase reflected growth of 3% in England and 1.2% in Wales, although this was offset by declines of 1.7% in Scotland and 2.0% in Northern Ireland.

Annual house price increases in England were driven by a 7.6% rise in London and a 3.3% increase in the South East.  Excluding London and the South East, UK house prices increased by 0.6% in the 12 months to March 2013.

In March 2013, first-time buyers paid 1.3% more on average than in March 2012 and existing property owners’ values increased by 3.2% over the same period.

May 24, 2013
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