House prices rise

UK house prices increased by 9.6% in the year to March 2015, up from 7.4% in the year to February 2015, according to the Office For National Statistics.

House price annual inflation was 9.4% in England, 5.7% in Wales, 14.6% in Scotland and 7.5% in Northern Ireland. This is the highest annual increase in Scotland since July 2007.

The pace of annual house price growth increased across the majority of the UK.

Annual house price increases in England were driven by an annual increase in the East (11.4%), London (11.2%) and the South East (11.2%).

Excluding London and the South East, UK house prices increased by 8.1% in the 12 months to March 2015.

On a seasonally adjusted basis, average house prices increased by 1.1% between February and March 2015.

In March 2015, prices paid by first-time buyers were 7.8% higher on average than in March 2014. For owner-occupiers (existing owners), prices increased by 10.3% for the same period.