UK House Price Growth Continues Final Quarter 2013

The price of a typical UK house rose by 2.7% in Q4 2013, after allowing for seasonal effects, according to the latest data from Nationwide.

Prices were up 7.1% over the year as a whole.

Robert Gardner, Nationwide’s Chief Economist, said: “House price growth continued to accelerate in London, reaching 14.9%, the highest growth rate since Q1 2010. Prices in London are now 14% above their 2007 peak, with the price of a typical London home at £345,186.

“Prices in Northern Ireland were up 7.0% year-on-year, although from a low base, with Q4 2012 marking the trough in the prolonged downturn in the province’s house prices. Indeed, prices in Northern Ireland are still around half the level prevailing in late 2007. Scotland saw a 3.7% annual increase in prices.

“Wales saw a pick-up in annual price growth to 6.1%, from 3.6% in Q3.

“Amongst the English regions, the South of England and the Midlands continued to outperform the North. Outside of London, the Outer Metropolitan was the strongest performing region, with annual price growth of 8.6%, whilst the North continued to be the weakest English and also UK region, with prices up 1.9% over the year.”