Average UK house prices increased by 1.8 per cent in the 12 months to March, lifting the average house price across the UK to 283,000. Average house prices in England were up 1 per cent to 299,000, while Scotland saw a 6.7 per cent average increase to 192,000 in the same period.
Grant Fitzner, ONS chief economist, noted that UK house prices saw an annual rise for the first time since last summer, with growth in every nation and region except London and the South East. Scotland had the fastest annual growth.
Private rental price rises in the UK showed signs of easing, with most nations and English regions experiencing a slowdown. London, in particular, had a notable easing in rental price inflation, marking a shift after years of accelerating growth.
Inflation in April dropped to 2.3 per cent from 3.2 per cent in March, nearing the Bank of England's 2 per cent target. Despite small expectations for a cut in interest rates in June, the decline led to doubts among economists.
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