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London house price growth tops 10%

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Property prices in London grew by 10.6% in the last 12 months, the Nationwide house price index has found.

The building society showed that across the UK property prices in the third quarter of 2015 were 3.7% higher than a year ago.

London led this rise, with prices in the capital rising 10.6% in 12 months. The average property in London is now worth £443,399.

Homeowners in Outer London saw prices grow by 9.5% while Northern Irish homes are now valued 6.5% higher than last year. Despite this increase, properties in Northern Ireland are worth an average of £127,562 – the second lowest in the UK.

Only the North East and Cumbria had lower prices, where the typical property was worth £124,345.

Two regions saw house price falls in the last 12 months, Nationwide said. Properties prices in the North West fell by 0.6% to hit £145,816 while in Scotland prices were down 1.3% to £140,402.

Robert Gardner, Nationwide’s chief economist, said after a sluggish performance over the summer, prices in London were again rising rapidly.

“The slowdown in house price growth since the middle of 2014 has not been confined to, nor has it been driven primarily by, developments in London,” he said.

“Indeed, the capital has continued to see price growth at or above the rate in the UK overall over the past four quarters. The annual rate of price growth in London is currently the highest in the country and actually accelerated to 10.6% in Q3, up from 7.3% in Q2.

“Taking a wider view, regional house price performance was mixed in Q3. Eight UK regions recorded a slowdown in the annual rate of growth, while five saw acceleration. Most parts of the country continued to see annual house price gains – the exceptions were Scotland and the North West which both recorded small declines.”

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