House prices in London continue to climb

02 July 2014

  • All UK regions saw annual price rises in Q2 2014
  • London continues to lead, with annual price growth of 26%
  • Scotland was the weakest performing region, with prices up 5.4% compared to Q2 2013
house price data
UK Fact File
Average UK House Price £186,544
Annual percentage change 11.5%
Quarterly change* 2.9%
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 June, 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 2.9% in Q2, after allowing for seasonal effects. Prices were up 11.5% compared with the same quarter of 2013.

“Annual house price growth accelerated to 26% in London, far outpacing the rest of country, and the highest growth rate since Q3 1987. Prices in the capital are now 30% above their 2007 peak, with the price of a typical London property now in excess of £400,000.

“Scotland saw the weakest growth, with prices up 5.4% year-on-year in Q2. Northern Ireland saw an 8.4% rise in prices, although they remain around half the level they were at their peak. Annual price growth in Wales picked up to 9.3%, from 5.2% last quarter.

“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 16.4%, whilst Yorkshire & Humberside was the weakest English region, with prices up 7.0% over the year. Prices in the Southern regions are now above their 2007 peak, whilst those in the North remain below.”

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