House prices 'rose during 2011'
30th Dec 2011
Most UK regions saw rises in house prices during 2011, with London showing the strongest growth over the year.
Nine out of 13 British regions saw overall rises in house prices during the year, after the country saw a 0.3 per cent in the fourth quarter.
The figures from Nationwide revealed that the annual rate of change increased from -0.5 per cent to 1.1 per cent.
Across the UK, the average price paid for a property came to £164,785, but this was significantly lower in Northern Ireland, which was the worst-performing region, with the average house price down 8.9 per cent compared to quarter four in 2010.
Scotland saw no changes in pricing during the quarter, with the annual rate of change remaining negative at -0.8 per cent, while Wales ended the year up 1.5 per cent, despite a disappointing fourth quarter.
Commenting on the figures, Robert Gardner, chief economist at the building society, noted: "London saw the strongest quarterly growth rate, with prices up 2.6 per cent quarter-on-quarter. This pushed the annual rate of growth up to 5.4 per cent, making London the best performing region over the past year.
"Most English regions ended the year with prices higher than Q4 2010. Only the north and north west saw price falls, with average prices down 1.0 per cent and 1.2 per cent respectively."
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