Posted on 27.3.15 by Matthew Owen
According to the latest data from Nationwide Building Society, London property has risen in price at a slower rate, showing average quarterly house prices increasing by 1%.
On a yearly basis, the average price index from the building society showed that London prices were 12.7% higher in the first quarter of 2015, slowing from the final quarter of 2014 at 17.8%. We can really see the slow down at present compared to 2014’s second quarter at 25.8%.
The capital’s average house price stands 36% above the market’s 2007 peak at £408,780, compared with £188,566 for the UK as a whole.
Economist at IHS Global Insight, Howard Archer, said: “The slowdown has accelerated, but obviously London had further to fall.” The IHS Global Insight forecasts UK house prices to rise by roughly 5% in 2015.
Howard Archer continued to say, “What happens to London prices will be significantly influenced by what government we have in May.”
Focusing on the whole of the UK, according to Nationwide’s data, the annual growth in house prices reduced in March for the seventh consecutive month, falling to an 18 month low of 5.1%.
On a quarterly basic, house price growth eased in all regions except the North of England. This means that average UK house prices are currently around 2% above their pre-crisis levels.
Price growth has also reduced in the Northwest of England, Scotland and Wales, even though the region’s house prices remain below their 2007 peak.
Mr Archer noted that, “The British Bankers’ Association reported that mortgage approvals for house purchases rose for a second month running in February — albeit modestly — be at a five-month high of 37,305.”
With the ever changing figure of house prices, we understand it can be a lot to take in. For any queries on purchasing or selling your home, get in touch, we’d love to help!