UK house prices on the rise
UK house prices have seen a rise of up to 0.3% in June, according to Nationwide.
10 out of 13 areas of the country experienced a recovery, as shown by the price rise over the past year (1.9%), which has pushed the average price for a property up to £168,941.
Property prices in London are 5% above the previous peak in 2007, with average prices hitting an all time high of £318,214.
In England overall property prices are 5% lower than the pre crisis peak in 2007 whilst in Wales they are 13% down and 12% lower in Scotland.
In Northern Ireland, however, the situation could not be more different with house prices plummeting by 53% since 2007.
According to mortgage experts, the June house price rise was slightly lower than the increase registered in May (0.4%). Nationwide said that the price rise was due to the government’s efforts to kick-start the market but also to the lack of available homes to choose from.
Robert Gardner, the chief economist for the building society, said: “London has seen the greatest recovery in prices of any region, it has the strongest annual growth at 5.2% followed by East Anglia, with an increase of 3.6 % year-on-year.”
Outside London, Newcastle saw the biggest house price rise of 11%, on annual basis, with an average house price for a property of up to £173,296.