The data from the Office of National Statistics show that house price growth remains subdued across most of the UK, although prices in London are increasing and prices in Northern Ireland are falling.
The year on year increase reflected growth of 2.5% in England and 0.8% in Wales, which were offset by a decline of 1.1% in Scotland and 8.5% in Northern Ireland. Annual house price increases in England were driven by a 5% rise in London and a 3% increase in the South East.
Excluding London and the South East, UK house prices increased by 0.8% in the 12 months to November 2012 and on a seasonally adjusted basis, UK house prices increased by 0.5% between October and November.
In November 2012, prices paid by first time buyers were 2.7% higher on average than in November 2011. For owner occupiers (existing owners) prices increased by 1.9% for the same period.
David Brown, commercial director of LSL Property Services, pointed out how London is propping up the market.
