House price growth slows across most of the UK

29 March 2012

  • 7 out of 13 UK regions recorded annual price growth in Q1
  • London remains top spot in terms of annual price growth
  • Northern Ireland continues to see largest price falls

UK Fact File
Average UK House Price


Annual percentage change


Quarterly change*


Most expensive region


Least expensive region

N. Ireland

Strongest annual price change


Weakest annual price change N Ireland

* Seasonally adjusted
(Note that quarterly % changes are revised when seasonal adjustment factors are re-estimated)

Please note that these figures are for the three months to March, therefore will show a different UK average price and annual percentage change to our monthly house price report.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:

“Average house prices in the UK were essentially unchanged in the first quarter,, after allowing for usual seasonal effects. The annual rate of change moderated -1.1% to 0.2%.

“The North saw the strongest quarterly growth rate, with prices up 0.6% quarter-on-quarter. This pushed the annual rate of price change up from -1.0% to 0.8%.

“Apart from the North and Outer South East, all of the English regions saw their annual rate of house price growth slow during the first quarter.

“House prices increased by 0.5% in Scotland during the quarter, which resulted in a slight improvement i the annual rate of change from -0.8% to -0.2%.

“Wales was the worst performing region on a quarterly basis, with a seasonally adjusted 3.1% fall. On an annual basis, prices were down 2.9% compared with Q1 2011.

“Northern Ireland recorded a third consecutive quarter of price declines. Average prices were down 8.6% year-on-year.”

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