Regional house price trends maintained the pattern prevailing in recent quarters, with southern areas of England recording the fastest rates of house price growth in Q2.

The Outer Metropolitan region again had the strongest rate of annual price growth of 12.4% up from 12.2% in Q1. Despite a slowing in Q2, London was still the second strongest region with prices up 9.9% to a new all-time high, some 54% above pre-crisis levels (compared with 10% for overall UK house prices).

The North of England was the only region to see house prices decline in Q2, and as a result replaced Northern Ireland as the UK’s least expensive region. Average prices in the North are currently 9% below their pre-crisis peak.

Read more from Nationwide’s Chief Economist in their new report below:

Nationwide 1

 

Nationwide 2

*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

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