House Prices: 4.9% increase in Wales in the year to March

UK house prices increased by 8.0% in the year to March 2014, down from 9.2% in the year to February 2014.

House price annual inflation was 8.5% in England, 4.9% in Wales, 0.8% in Scotland and 0.3% in Northern Ireland.

House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.

Annual house price increases in England were driven by rises in London (17.0%), the East (6.6%) and the South East (6.1%).Excluding London and the South East, UK house prices increased by 4.7% in the 12 months to March 2014.

On a seasonally adjusted basis, average house prices fell by 0.5% between February and March 2014.

In March 2014, prices paid by first-time buyers were 10.0% higher on average than in March 2013.For owner-occupiers (existing owners), prices increased by 7.2% for the same period.