The Nationwide is reporting that house prices have surged by 8.4% over 2013 across the UK. Prices rose by 1.4% month-on-month in December to reach £175,826 on average. Manchester was named by the study as the best-performing area in 2013, with prices there up by 21% to reach £209,627.
House prices have fallen for the third month in a row, including in the North West. New research has put the slump down to buyers staying home to watch the Olympics.
The North West saw the second steepest fall, down 2% to an average of £159,729.
Summer sellers have had some very stiff competition, not only from competing sellers chopping their prices, but also from the Olympics extravaganza which has been more compelling for many than viewing property.
The global squeeze in the credit markets has seriously affected the man on the street's access to mortgage financing, permanently hampering their ability to finance their journey onto and up the housing ladder."