Thursday 23 November 2017

Nationwide reports UK house prices rose by 8.4% in 2013

As the UK economy started to gather momentum again Nationwide, of the country’s biggest mortgage lenders, reported that average home prices had increased by 8.4% and the average home was now valued at £175,826.

Nationwide reports UK house prices rose by 8.4% in 2013

The average London home now costs almost twice as much as it does outside the capital. Photo: BBC

January 10, 2014

The Nationwide’s findings showed that UK house price rises accelerated at the end of 2013, rising by 1.4% in December compared with November.

The increase was driven by annual house price growth of 14.9% in the final quarter compared with a year earlier in London, although prices rose in all regions.

The Nationwide data suggests that average prices in London are now 14% higher than their previous peak in 2007 with a typical London home now costing £345,186.

However, Nationwide said the average UK property price remained 5% below the peak in prices reached in late 2007.

Robert Gardner, Nationwide's chief economist said "Part of the reason for the acceleration in house price growth is that the supply side of the market has not kept pace with the upturn in demand, even though buyer numbers remain subdued by historic standards."

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