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8.4% increase in house prices across the UK

The average house price in the UK rose by 8.4% in 2013 according to a new report.

House Prices in the UK Increase

The average house price in the UK rose by 8.4% in 2013 according to a new report.

The data, from the Nationwide Building Society and based solely on their own mortgage lending activities, means that the average home is now valued at £175,826. According to the report, the extensive change in the market was primarily driven by house prices in London, where the year-on-year reached a peak of 14.9% in the final quarter of 2013.

The Office for National Statistics said that the average property price, based on mortgage completions, rose by 12% in London. The rest of the country saw an average increase of 5.5% in the year to the end of October. The Nationwide data also indicates that the average price of a house in London is now £345,186 – 14% higher than 2007’s previous peak.

Whilst the rate of growth in the capital has been extremely notable, the figures also show that house prices rose in every region of the UK. The English regions were led by London’s growth, with the north of England demonstrating the slowest growth at 1.9%. Northern Ireland saw a 7% year-on-year rise, Wales achieved a 6.1% increase and Scotland’s property prices grew by 3.7% over the same period.

The report by Nationwide is the first released that offers a look at housing market trends throughout the entirety of 2013, highlighting the acceleration that the market appears to have had in the last three months of the year. December witnessed a 1.4% rise on November’s figures, whilst Q4 saw a 2.9% increase over house prices in Q3.

The Bank of England’s own figures also indicate that buyer demand is increasing. Mortgage approval figures show that 70,758 house purchase mortgages were approved in November 2013 – the highest number since January 2008.

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