Mixed picture across UK regions at the start of 2013

28 March 2013

  • 7 out of 13 UK regions saw annual price rises in the first quarter of 2013
  • London remains best performing region on an annual basis, with prices at a new record high
  • Scotland is the worst performing region in Q1
UK Fact File
Average UK House Price £163,056
Annual percentage change 0.2%
Quarterly change* 0.8%
Most expensive region London
Least expensive region N Ireland
Strongest annual price change London
Weakest annual price change Scotland

* 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:

“The price of a typical house rose by 0.8% in the first quarter of 2013, after allowing for seasonal effects. Prices were up 0.2% compared with the same quarter the previous year.

“London was again the top performing region, with prices up 4.6% compared with Q1 2012. London has seen the greatest recovery in prices of any region, and prices are now higher than their 2007 peak at £306,919.

“Wales was second, with prices up 2.5% over the year. Northern Ireland saw a marked improvement in annual price growth from -8.2% in Q4 2012 to -0.9% in Q1 2013 although prices remain around half of their pre-crisis peak. Scotland was the worst performing region on annual basis, with prices down 4.9% year-on-year.

“Amongst the English regions, the South of England and the Midlands continued to outperform the North of England. Outside of London, the Outer Metropolitan was the strongest performing region, with annual price growth of 1.6%, whilst the North West was the weakest, with prices down 1.8% over the year.”

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