House prices up by 8.4% in 2013
03/02/2013
The UK housing market continued its recovery throughout 2013, with prices rising by an average of 8.4%, according to the Nationwide Building Society.
Prices in London and the south-east have given the biggest boost to the market, but the last quarter of the year saw rises across all regions of the UK, bringing the price of the average home up to £175,286. However this price is still 5% below that of the ‘boom’ in 2007, according to the Nationwide.
Figures from the Office for National Statistics have highlighted the extent to which prices are rising in London compared to the rest of the country. While the national average stands at 5.5%, prices in London rose by a total of 12%. Data from Nationwide also suggests that house prices in London are now 14% higher than their previous peak in 2007, despite the fact the UK average is still 5% below that level. This highlights the disparity between prices in London and the rest of the country, particularly the north.
The growing property market also helped the whole economy to receive a welcome boost in 2013. David Tinsley, UK economist at BNP Paribas, said: “Overall the picture from the data remains consistent with a UK recovery which has been fairly household-led. For now there remains relatively little sign of a pick-up in broader corporate lending.
“We would look for that to change in 2014, but the risk remains that corporate will remain reluctant to invest”, he continued.
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