London house prices up 18.7% annually

The surge in UK house prices over the last year was largely driven by London, which saw an overall increase of 18.7% in the year to March 2014.

Prices in the south east (8.9%) and east (8.5%) of England also contributed to the growth.

House price increases by country

  • England: 10.4%
  • Scotland: 4.8%
  • Wales: 3.3%
  • Northern Ireland: 2.6%

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Inflation falls to 1.5% in May

CPI inflation has now been at or below its 2% target for six months.