London prices reaching peak as UK suffers
2nd Oct 2012
Prices of UK property as a whole have taken a hit, after a new report has been released stating that year-on-year there has been a drop in what people are paying for their new houses.
According to Nationwide, the third quarter of 2012 has seen a far-greater number of people across the country move into the privately rented sector, dropping demand, and with it, property prices as a whole.
The average price of a house for sale in the UK now stands at £163,910 for the three-month period up until the end of September. This represents a fall of 1.9 per cent when compared to the same quarter during 2011, and a 0.5 per cent drop since the previous quarter ending in June.
However, while Nationwide said that the average prices have dropped in ten of the 13 measured regions across the UK, it is still the case that London is performing well, and prices in the capital are now just two per cent below their peak value.
Robert Gardner, Nationwide's chief economist, said: "There was a significant divergence in performance between the home nations in Q3. England outperformed by a significant margin, with prices down just 0.3 per cent in annual terms."
Posted by Staff Writer: Ewan Robertson
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