Residential property in London is now worth over 50% more than the average UK house price, and the value of UK property has continued to climb by another 2.1% in the last quarter, according to Nationwide's latest house price index.
The average house price in the UK has risen by 6.9% in the last year to £168,460, and Northern Ireland and Scotland have continued to see double digit growth, but London has seen the largest recent surge in house price inflation, says Fionnuala Earley, group economist at Nationwide. “The annual rate of house price inflation in the UK increased to 6.9% in the third quarter. This is the fastest rate of annual growth since Q1 2005. The rate of house price growth also accelerated between July and September when the quarterly rate increased to 2.1% - almost twice the rate of the previous quarte...
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