Latest house price data from ONS

It's official, house prices are higher than ever before.

The latest data from the Office of National Statistics reports the average price of a residential property in the UK is now £247,000. This is the highest figure the index has ever recorded.

• In the 12 months to August 2013 UK house prices increased by 3.8%, up from a 3.3% increase in the 12 months to July 2013.
• House price growth remains stable across most of the UK, although prices in London are increasing faster than the UK average.
• The year-on-year increase reflected growth of 4.1% in England, 1.1% in Northern Ireland and 1.0% in Wales, offset by a fall of 0.7% in Scotland.
• In August 2013, the UK HPI surpassed its previous peak in January 2008 (185.5) by 0.3%.
• Annual house price increases in England were driven by London (8.7%), the East Midlands (3.8%) and the West Midlands (3.5%).
• Excluding London and the South East, UK house prices increased by 2.1% in the 12 months to August 2013.
• On a seasonally adjusted basis, UK house prices increased by 0.5% between July and August 2013.
• In August 2013, prices paid by first-time buyers were 4.9% higher on average than in August 2012. For owner-occupiers (existing owners), prices increased by 3.3% for the same period.

Read and watch more on the BBC

Read more in the Telegraph

Read more in the Guardian

Read more in the Independent

Landlord insurance - portfolio rates