London continues to outpace the rest of the UK

02 April 2014

  • All UK regions saw annual price rises in Q1 2014. Most remain below 2007 peaks
  • London continues to lead, with annual price growth of 18% in Q1
  • Wales was the weakest performing region, with prices up 5.2% compared to Q1 2013

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


* 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 UK house rose by 2.6% in Q1, after allowing for seasonal effects.  Prices were up 9.2% compared with the same quarter of 2013. Although all regions saw annual house price growth in Q1, ten of the thirteen regions have yet to surpass their pre-crisis peaks. London, the Outer Metropolitan and the Outer South East are the exceptions.

“Annual house price growth continued to surge in London, rising to 18% in Q1, the highest growth rate since Q1 2003.  Prices in the capital are now 20% above their 2007 peak, with the price of a typical London home at £362,699.  Prices in Northern Ireland were up 5.4% year-on-year in Q1, although average prices are still around half the level prevailing in late 2007. Scotland saw a 7.6% annual increase in prices, the strongest pace of growth since Q4 2007.  Wales was one of the few regions to see a slowing in annual price growth, from 6.1% in Q4 to 5.2% in Q1.

“Amongst the English regions, the South continued to outperform the North.  Outside of London, the Outer Metropolitan area was again the strongest performing region, with annual price growth of 10.6%, whilst the North continued to be the weakest English region, with prices up 5.9% over the year.”

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