UK property prices increases by 0.6%

Property prices in the UK increased by 0.6% in April month on month and by 8.2% year on year, according to the first single index for the whole of the country.

It merges previous indices that were published separately for England and Wales, Scotland and Northern Ireland taking data from the Land Registry, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency.

It shows that the average price of a property in Scotland in April was £138,445, up 3.3% year on year and 1.5% month on month while in Wales prices increased by 1.7% year on year and 1.9% month on month to an average of £139,385.

In England, the April data shows an annual price increase of 9.1% and a monthly rise of 0.7%, taking the average property value to £224,731 while in London prices increased by 14.5% year on year and 0.6% month on month to an average of £470,025.