New house price figures show London continues to be a driving force

Annual house price increases in England were driven by a 7.6% rise in London and a 3.3% increase in the South East

Figures from the Office for National Statistics out today show
that in the 12 months to March 2013 UK house prices rose by 2.7 per
cent (compared to a 1.9% increase in the 12 months to February
2013).

Overall, the year-on growth was 3 per cent in England and 1.2 per cent in Wales, offset by drops of 1.7 per cent in Scotland and 2 per cent in Northern Ireland. Excluding London and the South East, UK house prices increased by 0.6 per cent in the 12 months to March 2013.

The figures also show that in March 2013, prices paid by first-time buyers were 1.3 per cent higher on average than in March 2012.

Christopher Down, CEO Hearthstone Investments said: "The latest ONS figures are encouraging, showing a recovery and continued stability of returns from the housing sector across most of the UK. This is certainly positive news for the wider economy given the link between property values and consumer sentiment.

“Those who aren’t yet homeowners can still benefit from positive market movements without owning property, by investing in residential investment fund . This also allows people nationwide to benefit from the strong performances both in their local area and across the country“

Giles Hannah, managing director of London estate agency VanHan, said: "The national average figures demonstrate a clear divide between London, the home counties and the UK as a whole. In London house prices are likely to continue on an upwards trend over the next three years with a severe lack of supply of new homes actually ready and completed. Buyers from Singapore and Hong Kong are snapping up properties off plan in new developments, particularly in Covent Garden. This is not a bubble, the market is simply rising with increased demand, a severe lack of supply and an improving economy in the UK, which shows no signs of slowing.

"In prime central London we are seeing a swathe of wealthy French nationals keen to evade France’s tax hikes, who are fuelling the market as they relocate their families in time for the new school year in September. Subsequently, prices are rising in Holland Park, Notting Hill and South Kensington."

Discover more property articles at Homes and Property
News
people And here is why...
Arts and Entertainment
Amazon has added a cautionary warning to Tom and Jerry cartoons on its streaming service
tv
Voices
voicesBy the man who has
Sport
Arsene Wenger tried to sign Eden Hazard
footballAfter 18 years with Arsenal, here are 18 things he has still never done as the Gunners' manager
PROMOTED VIDEO
News
More than 90 years of car history are coming to an end with the abolition of the paper car-tax disc
newsThis and other facts you never knew about the paper circle - completely obsolete today
Arts and Entertainment
There has been a boom in ticket sales for female comics, according to an industry survey
comedyFirst national survey reveals Britain’s comedic tastes
Arts and Entertainment
Twerking girls: Miley Cyrus's video for 'Wrecking Ball'
arts + ents
Arts and Entertainment
Ed Sheeran performs at his Amazon Front Row event on Tuesday 30 September
musicHe spotted PM at private gig
News
people'I’d rather have Fred and Rose West quote my characters on childcare'
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

QA/BA - Agile

£400 Per Day: Clearwater People Solutions Ltd: Our client are currently seekin...

Primary Supply Teacher

£121 - £142 per day: Randstad Education Luton: Primary supply teacher Hertford...

KS1 & KS2 Teacher

£115 - £130 per day: Randstad Education Luton: We are looking for infants and...

Secondary Trained Teachers for the watford area

£120 - £130 per day: Randstad Education Luton: Qualified secondary teachers - ...

Day In a Page

Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
The magic of roundabouts

Lords of the rings

Just who are the Roundabout Appreciation Society?
Why do we like making lists?

Notes to self: Why do we like making lists?

Well it was good enough for Ancient Egyptians and Picasso...
Hong Kong protests: A good time to open a new restaurant?

A good time to open a new restaurant in Hong Kong?

As pro-democracy demonstrators hold firm, chef Rowley Leigh, who's in the city to open a new restaurant, says you couldn't hope to meet a nicer bunch
Paris Fashion Week: Karl Lagerfeld leads a feminist riot on 'Boulevard Chanel'

Paris Fashion Week

Lagerfeld leads a feminist riot on 'Boulevard Chanel'
Bruce Chatwin's Wales: One of the finest one-day walks in Britain

Simon Calder discovers Bruce Chatwin's Wales

One of the finest one-day walks you could hope for - in Britain
10 best children's nightwear

10 best children's nightwear

Make sure the kids stay cosy on cooler autumn nights in this selection of pjs, onesies and nighties
Manchester City vs Roma: Five things we learnt from City’s draw at the Etihad

Manchester City vs Roma

Five things we learnt from City’s Champions League draw at the Etihad
Martin Hardy: Mike Ashley must act now and end the Alan Pardew reign

Trouble on the Tyne

Ashley must act now and end Pardew's reign at Newcastle, says Martin Hardy
Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?