Housing prices: National average up 11.8%

House prices lifted by 11.8% year-on-year across the UK in June to reach another new all-time high of £188,903 typically, Nationwide has reported.

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London houses prices 'fastest growing since 1980s'

The average house price in London is now £400,000. Credit: PA

London's house prices are growing at the fastest pace since the late 1980s, according to property economist Matthew Pointon.

Mr Pointon, who works for Capital Economics, said mortgage approvals have now been falling for four months in a row.

He warned: "The risk of a damaging house price correction at some point in the next few years is growing."


UK house prices still set to rise 'four to five per cent'

House prices could increase by as much as seven per cent by 2015. Credit: PA

Despite being at an all-time high experts predict a further four to five per cent rise in house prices by the end of 2014.

Howard Archer, chief UK and European economist for IHS Global Insight, said this could increase to seven per cent in 2015.

He said: "At the moment, house prices still look more likely than not to see clear increases over the coming months, although it is looking increasingly probable that there will be some easing back in house price gains from the recent very strong increases."

House prices: Gap in London and rest of UK 'widest ever'

The gap in house prices in London and the rest of the UK is the widest it's ever been, reports ITV's Business Editor Joel Hills.

See the chart below for a national breakdown.

Average London house price over £400,000 for first time

House prices in London have soared by 30 per cent since 2007. Credit: Chris Ison/PA Wire

The typical price of a London property is now more than double the average UK house price breaking through the £400,000 mark for the first time, Nationwide said.

Cambridge saw the biggest surge in house prices with a 20 per cent increase putting the average cost of a house there at £419, 187.

While the value of properties in St Albans rose 18 per cent reaching an average of £451, 800.

Newcastle was named as the worst-performing city with only a three per cent increase in house prices taking prices there to £181, 473 typically.

In Wales property prices are up almost 10 per cent on a year ago now standing at £145,812.

And in Scotland, typical prices rose to £141,872, figures show.

However, In Northern Ireland, where the housing market is still recovering from some sharp falls in the wake of the financial crisis the average house price now stands at £117,150.

This is around half the level they were at their peak.


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