LETTING & ESTATE AGENT

We are pleased to announce that following the government’s guidance on moving home during the coronavirus pandemic, our branches in England have now re-opened for pre-booked appointments, and our branches in Scotland in Wales will start re-opening their doors over the coming days. Health and safety remains our main priority, and in line with government’s advice, a number of strict measures have been put in place to protect our staff and customers. Visit our branch page to find contact details for your local office.

House price growth accelerates in September

House price growth accelerates in September

UK house prices increased by 0.9% in September and were 5% higher than September 2012, according to the latest Nationwide Building Society Monthly House Price Index.

The average UK home is now worth £172,127 as southern regions of England, especially London, continue to record strongest rates of house price growth.

Robert Gardner, Nationwide's Chief Economist, said: "UK house price growth accelerated in September, rising by 0.9% over the month.  As a result, the annual rate of house price growth rose to 5%, the strongest pace since July 2010.

"There are also signs that the pickup is becoming increasingly broad-based. For the first time since 2007, all thirteen UK regions experienced annual house price growth in the third quarter of 2013.  However, the southern regions of England continued to see the strongest rates of growth - especially London, where the annual rate of growth reached double digits in the three months to September.

"The gap between house prices in the North and the South of England reached a new high in Q3, rising above £100,000 for the first time. The typical property price in the South of England is now 74% above its Northern equivalent.

"The acceleration in house price growth from the subdued pace prevailing throughout 2011 and 2012 has been surprisingly quick, though house prices are still some way below their previous peaks in most parts of the country.

"Overall, UK house prices are still around 8% below their 2007 highs. However, there is still significant regional variation, with prices in Scotland, Wales and the North of England around 12% to 14% below their previous peaks, while in many southern regions prices are 5% to 7% lower. Only in London are prices at an all-time high, 8% above the previous peak."

Have your say on this story using the comment section below

George Bailey