- Annual house price growth at 2%
- Prices up 0.3% in September
- North weakest performing region
Annual house prices grow by 2%
Annual house price growth has stabilised at 2%, according the Nationwide, with the average UK house price now standing at £214,922.
House prices were up by 0.3% in September, with prices varying across the regions. The North was the weakest performing region, with prices down 1.7% year on year. taking the average house price in the region to £125,085.
Yorkshire & Humberside top performing region
Yorkshire and Humberside was the top performing region for the first time since 2005, with an annual house price growth of 5.8%. The average cost of a home in the region now stands at £160,263 .
London still remains the most expensive region with an average property price of £468,544, still more than 50% above their 2007 highs.
House prices expected to rise 1% in 2018
Robert Gardner, Nationwide’s Chief Economist has believes that, overall, house prices will rise by around 1% over the course of 2018.
Gardner further added: “Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.
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