London house prices still building
London property prices continue to lead the recovery of the UK property market at the end of the first quarter. First quarter results from the Nationwide reveal a rise of more than 4.5 per cent in the price of London properties when compared to the first three months of 2013. The average property price of a home in the capital now stands at £306,919 – a new record. London property prices are now greater than peak prices reached prior to the global financial crisis.
House price direction across the rest of the UK property market varies from region to region. On a national basis the average UK property price at the end of March registered at £163,056. House prices in seven of the thirteen UK regions all rose during the first quarter – these include Wales, the South West and the East and West Midlands. Regions where house prices fell include Northern Ireland, Yorkshire & Humberside and Scotland. Scottish house prices are almost 5 per cent lower than twelve months ago.