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June 2016: Average House Prices Increase by 0.2% Says Nationwide

Nationwide’s latest House Price Index indicates steady house price growth across England In June and a widening North-South divide in 2016’s second quarter.

Nationwide’s latest House Price Index indicates steady house price growth across England In June and a widening North-South divide in 2016’s second quarter.

In line with the market trends observed over the last 12 months, June also saw a steady growth in average house prices with a 0.2% increase from the previous month – bringing England’s average home value to £204,968.


Annually, house prices in June increased by 5.1% – a slightly higher growth than May’s 4.7% annual increase.


Similarly to the increase in house prices witnessed over the first quarter of 2016, average property values in England rose by 1.5% in 2016’s Q2, and increased 7.6% year-on-year.


At the top of Nationwide’s house price growth table, The Outer Metropolitan area continues to surpass all other regions with average prices up 12.4% year-on-year – the only double-digit growth recorded in 2016’s second quarter.


In London, average house prices reached a record-high of £472,384, although annual growth rate slowed slightly in June to 9.9% from 11.5% in the first quarter of 2016.


Also maintaining the pattern that prevailed in recent quarters, regional house trends indicate a widening North-South divide with homes in southern areas of England recording fastest rates of price growth in 2016’s Q2.


In fact, despite a slight deceleration in annual price growth witnessed in Southern England in 2016’s Q2, average home values in the region saw a substantial 9.4% year-on-year growth.


Conversely, regions in Northern England continue to offer the cheapest home prices with growth set at a 2.6% year-on-year rate.


In terms of exact figures, the gap in average prices between the South and the North of England increased to a record-high of £169,000 in 2016’s Q2.


However, analysing house prices indexes at a city level, Hometrack found that cities in Northern England, such as Liverpool and Manchester, saw some of the highest house price growth in June.

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