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House prices in London continue to climb

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.”