1. ITV Report

Cambridge house prices higher than London

Cambridge has among the fastest growing house prices in the UK Photo: Chris Radburn/PA Archive

The average house price in Cambridge has now topped that of London with the cost of property in the city rising by 14% in the past year.

The latest survey by the Nationwide building society says the average price of a property in Cambridge is £405,540 compared to £400,645 in London.

Across East Anglia, house prices are still rising faster than most parts of the UK despite a slight slow down during March.

In the first quarter of 2014, property prices in East Anglia rose by 2.9% according to the Nationwide building society. Only two other regions - London and the North - saw bigger rises.

The average price of a house in East Anglia is £179,718, which is 9.5% more than a year ago.

Cambridge is fourth in the list of highest rising prices after Manchester, London and Brighton.

The average price of a house in East Anglia is £179,718 Credit: Yui Mok/PA Wire

Average house prices in other parts of the Anglia region and the annual increase

  • £309,557 in Hertfordshire - up 10%
  • £259,933 in South Essex - up 9%
  • £251,326 in Milton Keynes & Aylesbury - up 12%
  • £237,287 in Central Bedfordshire - up 11%
  • £229,719 in Cambridgeshire - up 8%
  • £225,239 in North Essex - up 5%
  • £206,003 in Luton - up 8%
  • £199,244 in Bedford - up 6%
  • £199,018 in Suffolk - up 8%
  • £187,218 in Norfolk - up 6%
  • £184,795 in Northampton - up 6%
  • £183,347 in Northamptonshire - up 11%
  • £172,895 in Peterborough - up 12%
House prices in East Anglia are still rising faster than most parts of the UK Credit: Rui Vieira/PA Wire

The Nationwide's Chief Economist Robert Gardner said: “The price of a typical UK house rose by 2.6% in Q1, after allowing for seasonal effects. Prices were up 9.2% compared with the same quarter of 2013"

"Although all regions saw annual house price growth in Q1, ten of the thirteen regions have yet to surpass their pre-crisis peaks. London, the Outer Metropolitan and the Outer South East are the exceptions.

– Robert Gardner, Nationwide

House prices in London are still climbing the fastest in the country with an annual rise of 18%.