Price increase up by 9.3% England, 0.4% Scotland and down 18.8% in Northern Ireland

Average prices increased 9.3% in England, 0.4% in Scotland and 9% in Wales but fell drastically by 18.8% in Northern Ireland.

The average price paid by a first time buyer increased by 8.2% over the year to August while prices paid by former owner occupiers jumped 8.3%.

Alison Beech, business relationship director, Spicerhaart and Valunation, says: “With the latest positive figure from CLG added to the pile, the house price indices for August have reported a fairly even spread of upward and downward movement, confirming that we should take a step back from one-off statistics that only capture a small and distinct snapshot of the market.

“The outlook for property prices over the remainder of the year is far from clear, although confidence remains subdued and talk of a double dip continues to rumble on. With market activity patterns becoming increasingly localised, it is vital that lenders and surveyors operate on a micro level in order to determine the most realistic property values.”