Baku-APA. British house prices increased 11.7 percent in the year to July 2014, up from 10.2 percent in the year to June 2014, according to the official data published Tuesday, APA reports quoting Xinhua.
House prices increased strongly across the country, with prices in London again showing the highest growth, said the Office for National Statistics (ONS).
London house prices grew 19.1 percent annually in July, now standing at an average of 514,000 pounds (833,612 U.S. dollars), said ONS.
The number of London house sales breaking the 1 million pounds price barrier was expected to rise 47 percent by 2018, according to Savills, a leading real estate services provider.
Excluding London and the South East, British house prices increased 7.9 percent in the 12 months to July 2014, said ONS.
On a seasonally-adjusted basis, average house prices increased 1.6 percent between June and July 2014.
ONS data lags behind other house price surveys. The Royal Institution of Chartered Surveyors recently suggested that the housing market reached a plateau in August, with buyer demand declining for second consecutive month, and the number of agreed house sales also dipping for the first time since September 2012.
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