London house price growth reaches double digits

27 September 2013

  • All UK regions saw annual price rises in the third quarter of 2013
  • London continues to lead annual price growth, reaching 10% in Q3
  • North weakest performing region in Q3

UK Fact File
Average UK House Price £170,918
Annual percentage change 4.3%
Quarterly change* 2.2%
Most expensive region London
Least expensive region N Ireland
Strongest annual price change London
Weakest annual price change North

* 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 September, 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 2.2% in Q3 2013, after allowing for seasonal effects. Prices were up 4.3% compared with the same quarter of the previous year.

"House price growth accelerated in London to reach 10%, the first time the capital has seen double digit growth since 2010. Prices in London are now 8% above their 2007 peak, with the price of a typical London home at £331,338.

"Wales saw a pick-up in annual price growth to 3.6%, from 1.2% in Q2. Scotland saw a 2.2% annual increase in prices. Northern Ireland saw its first annual price rise since 2007, albeit a modest 0.9% increase, though the prices appear to have stabilised following five consecutive years of decline.

"Amongst the English regions, the South of England and the Midlands continued to outperform the North. Outside of London, East Anglia was the strongest performing region, with annual price growth of 6.6%, whilst the North was the weakest English and also UK region, with prices up 0.2% over the year."

For more information please see the full report: House price index

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