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House prices rise 10% in a year

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UK house prices rose by almost 10% across 2014, figures from the Office of National Statistics have shown.

The average property in the UK was worth 9.8% more in December 2014 than at the end of the previous year.

However, this figure was heavily skewed by areas of southern England which grew significantly faster than the rest of the country.

London saw the fastest growth with properties in the capital typically worth 13.3% more than a year before. The South East (11.5%) and the East of England (11.4%) also saw growth well above the national average.

The average house in London costs £502,000, the highest in England. By comparison the typical property in the North East was worth £153,000.

During the year property prices rose 10.2% in England, 5.5% in Scotland, 4% in Wales, and 4.9% in Northern Ireland.

The average mix-adjusted house price in England was £285,000, according to the ONS. This compares to £193,000 in Scotland, £173,000 in Wales and £142,000 in Northern Ireland.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “The slower pace of house price growth towards the end of 2014 meant typical house prices in December were unchanged from July at £272,000.

“This is in sharp contrast to the rapid increases seen this time last year. Annual gains of 10% are still high, but the signs are that the housing market is beginning to move towards a more stable trajectory.”

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