The latest House Price Index from the Office for National Statistics (ONS) has revealed that UK average house prices increased by 10.4% over the year to October 2014, down from an increase of 12.1% in the year to September 2014.

This follows the house price increases the UK has experienced since April 2012 and is largely driven by increases in London, says the ONS.

The average UK mix-adjusted house price in October 2014 was apparently £271,000, but on an individual country basis this breaks down as £283,000 in England, £172,000 in Wales, £137,000 in Northern Ireland and £194,000 in Scotland.

The House Price Index also reveals that:

• House price annual inflation was 10.8% in England, 5.7% in Wales, 4.9% in Scotland and 4.9% in Northern Ireland.
• House prices continue to increase strongly across the UK, with prices in London again showing the highest growth.
• Excluding London and the South East, UK house prices increased by 6.7% in the 12 months to October 2014.
• On a seasonally adjusted basis, average house prices increased by 0.1% between September and October 2014.
• The average price for properties bought by first-time buyers increased by 12.0% over the year to October 2014, down from an increase of 13.3% in September 2014. In October 2014 the average price paid for a house by a first-time buyer was £208,000.
• The average price for properties bought by former owner-occupiers (existing owners) increased by 9.7% in the year to October 2014, down from an increase of 11.5% in September 2014. In October 2014, the average price paid for a house by a former owner-occupier was £312,000.

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