House prices in the UK increased by a total of 7.1% during 2013 to £174,444 after rising by 2.7% in Q4 2013 alone according to the Nationwide house price index.
London recorded the highest house price growth in 2013 of 14.9% and 4.7% in Q4 2013 bringing average house prices in the capital to £345,186 – (according to Nationwide’s data).
Robert Gardner, Nationwide's Chief Economist, said: “House price growth continued to accelerate in London, reaching 14.9%, the highest growth rate since Q1 2010. Prices in London are now 14% above their 2007 peak, with the price of a typical London home at £345,186.
“Amongst the English regions, the South of England and the Midlands continued to outperform the North. Outside of London, the Outer Metropolitan was the strongest performing region, with annual price growth of 8.6%, whilst the North continued to be the weakest English and also UK region, with prices up 1.9% over the year.”
Average house prices in England rose by 3.1% in Q4 2013, and were up 8.6% annually. The annual rate of house price growth accelerated in all English regions, although southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia) continued to outpace northern England (West Midlands, East Midlands, Yorkshire & Humberside, North West and North). Prices in the South of England were up 9.9% year-on-year, whilst in the North they rose by 5.7%.
In Wales prices increased by 2.9% in Q4 and were up 6.1% over the year as a whole. South Wales (West), which includes Bridgend, Neath, Port Talbot & Swansea, was the best performing area, with prices up 12% year-on-year. Mid & West Wales, the least expensive area, saw no growth over the same period.
Prices in Scotland increased 1.3% in the final quarter of the year, resulting in an increase in the annual growth rate from 2.2% to 3.7%. Aberdeenshire & Moray was the best performing area, with prices up 9% on the previous year whilst South Lanarkshire was the weakest area with a 1% year-on-year fall.
In Northern Ireland prices increased by 7% during 2013, after five consecutive years of decline with average prices remaining around 50% below their 2007 peak.
