House prices in the United Kingdom increased at a faster pace in May, data released by the Office for National Statistics showed Tuesday.
The house price index increased 2.3 percent year-on-year in May, marking the second consecutive growth, after it moved up 1.4 percent in April.
The annual increase reflected a 2.6 percent gain in England and a 3.5 percent rise in Wales, which was offset by declines in Scotland and Northern Ireland. The rise in prices in England was driven by a 7.2 percent rise in London as well as increases in he South East and East Midlands of 3.4 percent and 2.3 percent respectively.
Prices of new dwellings rose by 6.2 percent year-on-year in May, while prices of pre-owned dwellings increased 2 percent. Prices paid by first time buyers were higher by 2.8 percent on average compared to last year, while prices paid by existing owners increased by 2.1 percent.
On a monthly basis, seasonally adjusted house prices remained unchanged in May, after growing 1.1 percent in the previous month, data showed.
by RTT Staff Writer
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