Average UK house prices rose by 2.3% in Q1 2006, the fastest quarterly increase since Q3 2004, according to Nationwide.

The newly released Nationwide Regional House Price report for Q1 2006, which covers all thirteen UK regions, reveal that the average UK house price now stands at £160,319, 4.9% higher than in Q1 of 2005.

Average house prices in all UK regions rose in Q1, with average house prices in Northern Ireland recording the fastest growth at 17.6%, which is three and a half times faster than the UK average. The slowest growth was in the northern region, where average property prices increased by 0.5% to £123,483. Incidentally, average house price rises in London outpaced the UK for first time in four years.

Quarterly Index – Headlines


Q1 2006


Q4 2005


Q3 2005


Q2 2005

UK All Properties Index (Q1 1993 =100)*


323.4


316.1


311.7


311.4

Quarterly change*


2.3%


1.4%


0.1%


1.0%

Annual change


4.9%


3.2%


2.7%


6.1%

Average price in quarter


£160,319


£157,387


£157,627


£157,494