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British house price growth slows to 7.2 pct

Xinhua, April 14, 2015 Adjust font size:

Britain's house prices increased by 7.2 percent in the year to February 2015, down from 8.4 percent in the year to January 2015, said the Office for National Statistics (ONS) on Tuesday.

Data showed that the average price of British houses, which is not seasonally adjusted, was 268,000 pounds (390,000 U.S. dollars) in February, higher than the prior year's 253,000 pounds, but lower than the previous month's 270,000 pounds.

House prices in England increased by 7.4 percent year-on-year in February. Wales, Scotland and Northern Ireland saw 1.1 percent, 6.4 percent and 14.2 percent year-on-year increases respectively over the same period.

The largest annual increase was in East England at 10.7 percent, followed by London (9.4 percent) and the South East England (7.8 percent). Excluding London and South East England, however, British house prices grew by 5.8 percent in the 12 months to February, figures showed.

Over the same period, prices paid by the first-time buyers increased by 7.4 percent year-on-year. For existing owners, prices grew by 7.2 percent, data also showed. (1 pound = 1.46 U.S. dollars) Endit