Nationwide: UK prices up 1% since October

Friday, 4 January 2008 12:00 AM

The latest Nationwide house price survey released today finds UK property prices increased by just one per cent during the final three months of 2007.

Furthermore, annual growth across the country fell from 9.3 per cent in the third quarter to just 6.3 per cent in the final quarter - providing further evidence of a slowing property market.

According to Nationwide the average property in the UK now costs £183,959.

Quarterly growth was led by the West Midlands, where prices increased by 1.8 per cent over the final quarter of last year.

This growth was closely followed by London, the north and East Anglia, all of which recorded a 1.2 per cent increase in prices over the last three months.

However, prices in Yorkshire & and the Humber fell by 0.2 per cent with the south-west and east Midlands recording only modest growth of only 0.3 and 0.4 per cent respectively.

Nationally, Scotland saw the strongest growth over the quarter, with prices up 1.8 per cent, followed by Wales, which recorded a 1.5 per cent increase.

In contrast, Northern Ireland saw prices fall 0.2 per cent over the final three months of the year.

The picture was also gloomy over the whole of 2007.

Annual house price growth slowed in all regions of the UK during the last three months, with the falls most pronounced in Northern Ireland.

The province saw annual house price growth fall from 42.6 per cent for the third quarter to 24.2 per cent for the final quarter of the year.

However, this was still nearly twice the level of the location with the next highest annual inflation rate, London, which recorded growth of 12.8 per cent.

Strong annual gains were also recorded in the south-west (6.4 per cent) and East Anglia, (5.7 per cent), while only modest gains of 2.8 and 2.6 per cent were seen in the east Midlands and Yorkshire & the Humber respectively.

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