The latest numbers from Nationwide for the month of September are optimistic as annual house price growth stabilises at 2%, making the average property price £210,116 – a slight drop from last month.
Month on Month changed 0.2% since August.
The capital suffered the weakest annual price growth of all the UK’s regions over the past year at -0.6%, the only region to go below zero in growth. However, London continues to have a much higher average house price than the rest of the UK at £471,761.
The East Midlands enjoyed the best annual growth at 5.1%, with an average house price of £177,825. IT is followed by the South West with a 4.8% growth rate and the West Midlands with a 4.6% increase.
The most expensive region remains London by a long shot, while the North is the most affordable region in the UK.
Wales enjoyed the best annual price growth of all the countries that make up the UK at 2.6%, with an average house price of £149,970. Northern Ireland closely follows at a growth rate of 2.4%.
It is not surprising that the UK’s market stabilises as we head into the busy Autumn selling season after a slowdown during August. London’s stall in growth during September is likely a continued ripple effect from the summer holidays as schools opened their doors and potential homebuyers were getting back into a routine with family. There are optimistic signs that the resilient London market will catch up to the rest of the UK in the coming months.Russell Quirk